The payments business is a 2TUSD worth industry going through massive innovation due to digitalization. There are many big companies already out there riding the wave by transforming and facilitating the way instant payments are performed both online and offline.
One of the companies is called Coti which is backed by Cardano foundation. Coti is launching a new project which aims at facilitating the link between fiat currencies and digital assets by allowing its customers to open a new free account with an IBAN backed Visa debit card facilitating payments for goods and services.
The differentiator here is that the debit card would automatically convert crypto into fiat to be spent and allow ATM withdrawals in the SEPA and SWIFT regions. This means that customers would be able to top up their crypto wallet and spent in fiat with the conversion occurring at the time of withdrawal. This, according to Coti, would be performed free of charge further facilitating the link between different holdings such as crypto and fiat. Furthermore, in the future, Coty is planning in launching loyalty based offerings converting loyalty currency into other assets. All this through the help of blockchain implementation processing exchange at faster rates vs. competitors.
The recent announcements of Coti projects have seen the price jump over 90% in the last 30 days. And 350% over the past 90 days. Similarly, COTI coin was recently launched on Coinbase platform further helping the coin price to rise as it recently happened with other crypto’s that launched on the platform.
At the time of writing COTI is trading at 0.54$ After having started the year at 0.05$.
As mentioned at the beginning, the COTI project was backed by Cardano foundation with 500k$ through its Cfund earlier this year. The Cfund was launched in July with an influx of 20M$ as a joint venture between Cardano and Wave Financial with the aim of growing the Cardano ecosystem.
Cardano, as seen in this particular example, has many innovative projects happening through its ecosystem and according to its founder, the Infrastracture of the crypto blockchain will be good enough to “run a nation-state” in the future as he sees Cardano solutions a solver to many of the governance issues that affect the world today.