COTI, an enterprise-grade fintech platform that enables businesses to build their own payment solutions, recently announced a partnership with Cardano’s stablecoin hub, Ardana.
The partnership will launch stablecoin crypto-to-fiat payments aimed at the Cardano community as well as consumers and merchants worldwide.
COTI CEO Shahaf Bar-Geffen stated in a statement,
“Today, COTI is taking the first steps in Defi over Cardano, which we believe will be significant. We are excited to work with Ardana’s incredible team to bring new Cardano Native Assets to ADA Pay and scale up our operations.”
AdaPay accepts stablecoin payments.
Ardana will introduce stablecoin payments to AdaPay, a payment gateway solution developed by the Cardano Foundation and Coti.
This means that AdaPay users will be able to use their stablecoins to make purchases wherever the product is accepted.
Furthermore, merchants and consumers all over the world can now trade directly with stablecoins. They are marketed as a more stable form of digital currency than the more popular and volatile cryptocurrencies.
Ryan Matovu, Ardana’s founder, added, “Both COTI and Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be.” When it comes to e-commerce, we want our stablecoin to be able to participate in all aspects of life, from yield farming on-chain to financing actual farming off-chain.”
COTI’s price has increased by 50%.
Just a few hours after the announcement, COTI received a lot of attention from crypto users, and the price of its coin increased by roughly 50%, reaching an all-time high (ATH) of $0.60.
Although COTI has retraced and is now trading at $0.51 following another wide-market crash caused by fresh China FUD, it has retained a 24-hour increase of 25%, according to live CoinMarketCap data.
Cardano makes an investment in COTI.
In an effort to strengthen its relationship with the enterprise-grade platform, Cardano made its first investment in COTI in April through its new venture fund, dubbed cFund.
As previously reported, by investing in COTI, Cardano increased its support for the protocol, which the two parties have been working on since 2019.