COTI intends to provide its users with bank accounts and Visa debit cards. The company that is developing the world’s first stablecoin on the Cardano blockchain is expanding its service offerings to its clients with new products. COTI announced a partnership with Simplex to bring this project to the forefront, which would allow users to operate bank accounts and debit cards on the platform.
COTI has long sought to serve as a link between the financial and crypto worlds. Its services combine traditional financial services with cutting-edge technology from the crypto industry. Through its partnership with Simplex, COTI will be able to provide its users with crypto-friendly bank accounts and debit cards that they will be able to use and spend globally.
COTI Brings Crypto To Banking
COTI bank accounts and debit cards make it simple for users to spend their cryptocurrency. The bank account facilitates the conversion of cryptocurrency to fiat currency, which can then be spent by the user. Users can fund their accounts not only with cryptocurrency, but also with swift, SEPA, and cards. This makes it simple for users to spend their cryptocurrency regardless of where they are in the world.
Customers can withdraw funds from their bank accounts using SEPA transfers, SWIFT, and ATM withdrawals, and they also receive IBANs. With plans in the works to allow users to buy and sell crypto directly from their VIPER wallet accounts. Customers residing in the EEA (European Economic Area) and the United Kingdom can open accounts.
Because COTI debit cards are issued by Visa, they can be used anywhere Visa cards are accepted. COTI intends to expand the availability of its debit cards in additional countries over time.
Releasing Cardano’s First Stablecoin
The foundation announced a new partnership with COTI at the Cardano Summit, which concluded last week. The first stablecoin will be created on the Cardano blockchain as a result of this collaboration. The COTI Group will develop and release Djed, a stablecoin based on smart contracts, as the first official stablecoin of the Cardano ecosystem.
Djed will be used to pay transaction fees on the blockchain as an alternative. With the first of Cardano’s decentralised finance (DeFi) protocols set to launch soon on the network, using a stablecoin to carry out transactions will ensure that fee structures are transparent and predictable for users. “I believe that adding the Djed stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform,” said COTI Group CEO Shahaf Bar-Geffen.
The Djed stablecoin’s launch date has yet to be announced. The COTI group, however, will collaborate with the Cardano Foundation to bring this project to life on the blockchain.