Cardano Foundation looks to develop a new ADA payment gateway with COTI that enables merchants to accept payments in Cardano’s native crypto token.
The Cardano Foundation has recently decided to start a new partnership with COTI, a fintech company. This new partnership will see the two organizations teaming up to develop a new payment gateway for Cardano (ADA). According to the press release, the gateway will allow the merchants that use ADA to accept payments that can be directly converted to 35 different fiat currencies.
The #Cardano Foundation has teamed up with @COTInetwork to offer an ada payment processing solution for merchants. The payment solution can be easily integrated directly into the website via an #adaPay button or a QR-based point of sale (PoS) system. https://t.co/ja0Sqtxlah pic.twitter.com/JXOQ0N8hlH
— Cardano Foundation (@CardanoStiftung) October 23, 2019
Companies can integrate the solution on their sites easily. They can either use the adaPay button or the classic Point of sale machines, which work by using QR codes. All transactions can be managed by the merchants in real-time, too, which helps in the usability of the solution.
Shahaf Bar-Geffen, known as the CEO of COTI, affirmed that the Cardano Foundation is creating a unique solution that will have new functionalities and help merchants to obtain payments in a way that is much more efficient than any other.
With the new partnership, COTI is set to create the structure for the service using its universal payment solution (UPI). The main goal of Cardano here is to create enough infrastructure so that the token gets accepted in a wide range of services and gets more popular.
Charles Hoskinson, the founder of Cardano, is pretty bullish on his own project. According to him, ADA has the potential to beat Facebook’s Libra and become one of the most important methods of payment in emerging markets.
He has affirmed that the foundation trusts COTI to develop a great solution that can expand the reach of Cardano and that will change the way that people exchange value.