COTI is set to Launched bank accounts and Visa debit cards for its usersThe company that is building the first stablecoin on the Cardano blockchain is developing new products to expand the services it provides to customers. COTI announced that it has partnered with Simplex to bring this project to the forefront, which will enable users to operate bank accounts and debit cards on the platform.
COTI has long been committed to becoming a bridge between the financial and crypto world. Its service combines traditional financial products with cutting-edge technology from the crypto industry. The cooperation with Simplex enables COTI to provide its users with crypto-friendly bank accounts and debit cards, which users will be able to operate and spend on a global scale.
COTI brings cryptocurrency to the banking industry
Using COTI bank accounts and debit cards allows users to easily use their cryptocurrency. A bank account can easily convert cryptocurrency into fiat currency, and then users can use it. In addition to using encryption to recharge their accounts, users can also use swift, SEPA and cards to recharge. This allows users to easily use their cryptocurrency no matter where they are.
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Bank accounts also provide IBANs for their users, and customers can use SEPA transfers, SWIFT and ATM withdrawals to withdraw funds from their bank accounts. The plan allows users to buy and sell cryptocurrencies directly from their accounts using the VIPER wallet currently under development.These accounts are for customers who live in the EEA (European Economic Area) and the United Kingdom
COTI debit cards are issued by Visa, so these cards can be used wherever Visa cards are accepted. Over time, COTI plans to launch its debit card in more countries.
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Release of Cardano’s first stablecoin
it is Announced at the Cardano Summit It was concluded last week that the foundation has established a new partnership with COTI. This partnership will witness the first stablecoin created on the Cardano blockchain. Djed is a stable currency that utilizes smart contracts. It will be developed and released by the COTI Group as the first official stable currency of the Cardano ecosystem.
Djed will be used as another way to pay transaction fees on the blockchain. Since Cardano’s first Decentralized Finance (DeFi) protocol is about to make its debut on the network, the use of stablecoins for transactions will ensure that the fee structure is transparent and more predictable to users. COTI Group CEO Shahaf Bar-Geffen said: “I believe that adding the Djed stablecoin to the Cardano blockchain will significantly improve the way transactions are settled on the platform.”
The release date of the Djed stablecoin has not yet been announced. But the COTI team will work with the Cardano Foundation to bring this project to the blockchain.
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