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 the first stablecoin on Cardano, COTI is on a mission to bridge the gap between financial services and the cryptocurrency ecosystem and introduce new products to enhance its suite of solutions. Its services aim to combine mainstream financial services with the latest technologies that are part of the cryptocurrency space.
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The partnership with Simplex COTI makes it possible to offer crypto-friendly bank accounts and debit cards that can be used worldwide, making it easy to spend digital currency holdings for purchases and other payments. Accounts are now available to people in the UK and European Economic Area (EEA).
In addition to this, the accounts also provide users with International Bank Account Numbers (IBANs), allowing funds to be transferred through bank accounts anywhere in the world. The feature also gives users the ability to fund their accounts using SWIFT and SEPA withdrawals and ATMs. The goal of bank accounts is to make crypto-to-fiat currency conversions quickly and easily.
Plans are also underway to give users the ability to buy and sell cryptocurrency from their accounts using a VIPER wallet.
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The first round of accounts extends to 3,000 cards, with a second round opening at the end of this month with an additional 5,000 cards.
COTI – the currency of the Internet – enables organizations to build their own payment solutions. Trustchain, a network data structure protocol, is the core of the COTI infrastructure and is designed to serve as a trust ledger.
Trustchain is based on a multiple DAG (Directory Non-Periodic Graph) data structure and can process more than 100,000 transactions per second (TPS).
DAG is the most suitable payment infrastructure due to its scalability and low transaction costs.