COTI is set to launch bank accounts and Visa debit cards for its users. The company that is building the first stablecoin on the Cardano blockchain is coming up with new products to expand its service offerings to its customers. COTI announced that it has partnered with Simplex to showcase this project, which will enable users to operate bank accounts and debit cards on the platform.
COTI has long been working to be a bridge between the world of finance and cryptocurrency. Its services combine traditional financing offerings with cutting edge technology emerging from the cryptocurrency industry. Partnership with Simplex allows COTI to provide its users with crypto-friendly bank accounts and debit cards, which users will be able to operate and spend globally.
COTI brings crypto to banking
The use of COTI bank accounts and debit cards makes it easy for users to spend their cryptocurrency. The bank account provides easy conversion of cryptocurrency into fiat currency, which the user can then spend. In addition to funding their accounts with cryptocurrency, users can also upload using Swift, SEPA, and cards. This makes it easy for users to spend their cryptocurrency no matter where they are in the world.
Related reading | EMURGO Invests $100M in Cardano to Support DeFi Adoption
Bank accounts also provide their users with IBAN numbers and customers can withdraw funds from their bank accounts using SEPA and SWIFT transfers and ATM withdrawals. With plans to allow users to buy and sell cryptocurrencies directly from their accounts with a VIPER wallet is currently in the works. Accounts are available to customers residing in the European Economic Area and the United Kingdom
COTI debit cards are issued by Visa so the cards can be used anywhere Visa cards are accepted. COTI plans to issue its debit cards in more countries over time.
ADA price recovers above $2.2 | Source: ADAUSD on TradingView.com
Cardano’s First Stable Coin Launched
It was announced at the Cardano Summit that concluded last week that the institution has formed a new partnership with COTI. This partnership will see the creation of the first stablecoin on the Cardano blockchain. JED, a stablecoin that uses smart contracts, will be developed and released by COTI Group as the first official stablecoin for the Cardano ecosystem.
Related reading | Charles Hoskinson Releases Paul Oakenfold’s ‘Three Grammy Nomination’ Album On Cardano
It would be an alternative way to pay transaction fees on the blockchain. With the Cardano Decentralized Finance (DeFi) protocol set to debut on the network soon, the use of a stablecoin to execute transactions will ensure that fee structures are transparent and more predictable for users. “I believe that adding the JD stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform,” said Shahav Bar-Geffen, CEO of COTI Group.
The release date of the JD stablecoin has not been announced yet. But the COTI Group will work alongside the Cardano Foundation to bring this project to life on the blockchain.
Featured image from Forbes, chart from TradingView.com
