COTI is ready to launch bank accounts and Visa debit cards for its users. The company that is making the first stable coins in the Cardano blockchain is moving forward with new products to serve its customers. COTI announced that it has partnered with Simplex to bring this project to the fore, which will enable users to manage bank accounts and debit cards on the platform.
COTI has long served as a bridge between money and the crypto world. Its services marry traditional cryptocurrencies with state-of-the-art technology emerging from the crypto industry. The partnership with Simplex enables COTI to provide its users with crypto-friendly bank accounts and debit cards, which will enable users to manage and spend worldwide.
COTI brings crypto to banking
Using COTI bank accounts and debit cards makes it easier for users to spend their crypto. The bank account easily converts the crypto to fiat, which the user can spend later. In addition to financing their accounts with crypto, users can load using Swift, SEPA and cards. This makes it easy for users to spend their crypto wherever they are in the world.
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Bank accounts provide IBAN to its users and customers can withdraw money from their bank accounts using SEPA transfers, Swift and ATM withdrawals. There are plans to allow users to buy and sell crypto directly from their account via VIPER wallet. Accounts are available for EEA (European Economic Area) and customers living in the UK
COTI debit cards are issued by Visa and so the cards can be used anywhere the Visa card is received. Over time, COTI plans to release its debit cards in more countries.
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Cardano’s first Stablecoin release
It was announced at the Cardano Summit that ended last week that the Foundation has formed a new partnership with COTI. This partnership will see the first stable coins made in the Cardano blockchain. DZ, a stable coin that uses smart contracts, will be developed and released by CTI Group as the first official stable coin of the Cardano ecosystem.
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Djed will act as an alternative way to pay transaction fees in the blockchain. Cardano’s first decentralized finance (DFI) protocols are set to debut on the network soon, using a stable coin to transact to ensure that the fee structure is transparent and more predictable for users. “I believe that adding Djed Stablecoin to the Cardano blockchain will significantly improve how transactions are handled on the platform,” said Shahaf Bar-Geffen, CEO of COTI Group.
An launch date for DZ Stablecoin has not yet been announced. But COTI Group will work with the Cardano Foundation to bring this project to life on the blockchain.
Featured image from Forbes, chart from TradingView.com