COTI Expands Offering: Launch Bank Accounts and Visa Debit Cards
COTI, a digital fintech platform, announced expansion on its products, which now include Visa debit cards and bank accounts to users. Its partner in the initiative is the financial institution Simplex.
Currency Of The Internet (COTI) is a blockchain platform that allows organizations to build their own payment solutions. According to a new announcement COTI product line now includes bank accounts to customers and Visa debit cards in partnership with the fintech firm Simplex.
The new services are meant to help users to access the monetary ecosystem easier and to serve as a bridge between fiat currencies and digital assets.
Clients would be able to open a new bank account with an IBAN and order a COTI Visa debit card. On it, they could convert crypto to fiat for global spending. Cash withdrawal from ATMs, both in SWIFT and SEPA regions, as well as topping up the account with crypto assets would also be possible.
The debit card would be implemented into COTI Pay. The blockchain platform added that in the future, it would integrate other features and loyalty-based plans into the offering.
COTI revealed that it would roll out the cards on two rounds. It will send out 3,000 cards during the initial one, while 5,000 more will be available a month later.
The team behind the blockchain project assured it would distribute the solution to various regions around the globe. As of the moment, though, it applies only to EU and EEA residents.
COTI’s Partnership with Cardano
COTI also recently announced the issuance of the first stablecoin “Djed” designed to run on Cardano.
The news was announced at the Cardano Summit 2021 by Charles Hoskinson, the creator of Cardano, and Shahaf Bar-Geffen, CEO of COTI Group.
Djed is based on an algorithmic design that uses smart contracts to ensure price stability. Smart contract programming is also used to ensure that the stablecoin will work effectively for decentralized finance (DeFi) transactions.
COTI’s token recently price went by roughly 50%, hitting an all-time high (ATH) of $0.60. It tapped yet another record yesterday at $0.66. At the time of writing COTI trades for $0.59.
