COTI, a blockchain-powered cryptocurrency payment ecosystem, has announced that its COTI bank account and VISA debit cards have now arrived. Powered by crypto payment provider Simplex, the COTI community now can open an account with a branded COTI Pay debit card.
“We have been working with our close partner, Simplex, to provide our users with COTI bank accounts and debit cards, and we are happy to have successfully achieved this important milestone.”
– The COTI Team
Bank accounts & VISA debit cards boost the COTI ecosystem
Debit cards and bank accounts comprise an important element of COTI’s ecosystem, providing a seamless relationship between the fiat and the crypto world.
By using COTI’s crypto-friendly bank account, users will be able to open a bank account in their name with an IBAN, store fiat natively in their COTI Pay wallet, and spend their balance wherever VISA is accepted.
In the future, this banking program will also be part of the COTI Pay Business suite offered to merchants and will greatly increase their usage volume, therefore growing the rewards for COTI’s stakers.
Initial COTI account version will include:
- The ability to open and manage a COTI bank account with an IBAN
- COTI VISA debit card
- Converting crypto to fiat and spending it with the COTI debit card
- Card with a secure PIN, a portal for viewing balance and transactions
- Withdraw funds from an ATM, SWIFT, SEPA
- Loading the account by selling crypto, SWIFT, SEPA, and other
The first round includes 3,000 cards. They will be sent in priority to those who first registered in the past. The second round will open in a month and will hold 5,000 additional cards.
Plans for future card versions
New features will soon be rolled out including loyalty reward plans and uniquely designed VIP cards. Further, integration to COTI Pay will be implemented, including a fiat account and the ability to buy and sell crypto directly from the Coti Viper wallet app. Besides, more countries will also be eligible for the card.
How to use the COTI bank account and card?
- In order to open a COTI bank account, check out: coti.simplex.com. Once the required sections are completed, you will be transferred to the debit card page where delivery details will be confirmed.
- After completing the app, the new debit card will be delivered within 4–7 business days (in Europe).
- Once approved for the COTI bank account, users will have a personal IBAN that allows for the transfer of funds from and to any bank account in the world. Not only can users send and receive fiat, but it’s also possible to store fiat via the COTI Pay app, as well as convert crypto to fiat, and vice versa.
- A physical and virtual debit card significantly increases the adoption of the COTI network, as merchants who are unable to accept crypto as a method of payment can now accept it as a de facto payment option, via the COTI debit card.