The Cardano Foundation, the overseer of the 3rd generation Cardano blockchain platform and COTI, a DAG-based blockchain protocol, announced today the development of an ADA token payment gateway.
The offering – due to launch in November – will allow merchants to accept ADA payments with a near-instant settlement into 35 fiat currencies directly into their bank accounts.
COTI is developing and implementing the service, making the ADA payment gateway solution simple to deploy for merchants.
The payment solution will be easily integrated directly into the merchant’s website either with an ADA pay button or a QR-based point of sale (PoS) system.
“We are pleased to team up with the Cardano Foundation in building a unique payment solution for merchants seeking ADA checkout functionality. We have a lot of mutual trust and support between the Cardano ecosystem partners and COTI. This joint effort is one of the first steps we are taking in delivering a truly universal payment solution and expanding the COTI tech stack beyond our own ecosystem. The ways people exchange value is changing for the better, and the future is looking more promising for payments.”
– Shahaf Bar-Geffen, CEO of COTI
The Cardano Foundation will leverage COTI’s Universal Payment Solution (UPS) to power an ADA payment gateway offering, which will further extend the utility and use case for the ADA token.
The COTI UPS will provide a precise ADA payment solution that will combine support for all existing payment processor systems with the added value of digital assets. As COTI UPS is extended to provide other financial services, such as lending products and prepaid debit cards, these will also be made available to ADA merchants.