COTI, Simplex: Banking, Visa Debit on Blockchain

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Enterprise-grade digital FinTech platform COTI is partnering with payment processing gateway Simplex to offer bank accounts and Visa debit cards on the Cardano blockchain, according to media reports and a company blog post.

Having launched its first stablecoin on Cardano, COTI is on a mission to bridge the gap between financial services and the cryptocurrency ecosystem and is introducing new products to enhance its suite of solutions. Its services aim to bring together mainstream financial services with the state-of-the-art technology that’s part of the cryptocurrency space.

See also: Nuvei To Buy Crypto Payments Firm Simplex for $250 Million

Partnering with Simplex enables COTI to offer people crypto-friendly bank accounts and debit cards that can be used around the globe, making it easier to spend digital currency holdings for purchases and other payments. The accounts are now available to people in the U.K. and the European Economic Area (EEA).

In addition, the accounts also offer users international bank account numbers (IBANs), enabling the transfer of funds via bank accounts anywhere in the world. The benefit also gives users the ability to fund their account using SWIFT, SEPA, and ATM withdrawals. The aim of the bank accounts is to make crypto-to-fiat conversions fast and seamless.

Plans are also in the works to give users the ability to buy and sell crypto from their accounts using the VIPER wallet.

Read more: Cardano Partners with Ethiopia on Blockchain ID

The first round of accounts extends 3,000 cards, with a second round opening at the end of this month with 5,000 additional cards.

COTI — Currency Of The Internet — enables organizations to build their own payment solutions. Trustchain, a protocol for a networked datastructure, is the nucleus of COTI’s infrastructure and designed to act as a trust ledger.

The Trustchain on a multi-DAG (directed acyclic graph) data structure and can process more than 100,000 transactions per second (TPS).

DAG is the most suitable infrastructure for payments due to its scalability and low transaction costs.

 

 

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