The Cardano foundation together with COTI, an enterprise-grade fin-tech platform, has launched the ADA payment portal for merchants.
This is according to an official announcement by the company on October 23, 2019. The company’s blog post revealed that the gateway will allow merchants to accept and process payments in ADA. Withdrawals will be prompt and available in 35 different fiat currencies. The fiat gateway will go live in November 2019.
The payment platform will be based on a directed acyclic graph chain (DAG). All the relevant data will end up on the blockchain. To compare: conventional blockchains store data in blocks.
More on the partnership
Known for “extreme scalability and low transaction costs”, COTI stands out in the fin-tech space. The Cardano Foundation also believes that the fin-tech platform is a perfect all-in-one payment solution for merchants.
Cardano further revealed that the gateway will be enabled by COTI Universal Payment Solution (UPS). This will ensure more use cases for the token within and outside the Cardano network.
Integrating the payment solution will be effortless. Thus, a user can easily incorporate it into their website with an adaPay button or a QR-based point-of-sale (PoS) system. The solution will also reportedly enable instant withdrawals.
Speaking on the partnership CEO of COTI said: “The future is looking more promising for payments.” He also expressed satisfaction in the partnership. Pointing out that this is also one of COTI’s foremost step in expanding its network.
“[…] This joint effort is one of the first steps we are taking in delivering a truly universal payment solution and expanding the COTI tech stack beyond our own ecosystem. The ways people exchange value is changing for the better, and the future is looking more promising for payments.”
Creating more use cases for ADA is one of Cardano’s major focuses. This partnership is also a step in the right direction. The foundation launched a test net for Shelley in June. In celebration of its second year anniversary, Cardano also announced a partnership with the New Balance sport brand. The foundation turned two in September.