COTI has been making some major moves this past week. The crypto coin began a run up on September 22nd when it was trading at $0.30, and pumped higher following the September 25th announcement of its partnership with Cardano as the issuer of Cardano's stablecoin, the Djed, reaching an all time high of $0.66 yesterday, September 29th. While the price has since fallen, and is trading nearer to $0.60, the fintech platform continues to make strategic moves, announcing today its VISA debit cards and bank account, accessible to the broad public. Let's get into it.
COTI is a fully encompassing “finance on the blockchain” ecosystem built on DAG technology and designed to meet the challenges of traditional finance.
On its website, COTI describes itself as the first enterprise-grade digital fintech platform, which eliminates intermediaries and empowers any organization to build their own private payment solution and digitize any currency using its proprietary Trustchain protocol. Claiming functionality as robust as established payment platforms, Paypal and Alipay, COTI says its platform enables companies to effortlessly create advanced fintech products — ranging from payment networks and stable coins to loyalty programs, remittance services and more.
Among its key selling points, it counts superior scalability (100,000 transactions per second), simple and seamless user and merchant facing tools, price stability technology, privacy, instantaneity and cost effectiveness.
COTI's Debit Cards and Bank Account
Yesterday, COTI announced its VISA debit cards and bank account, designed to address economic inequality and accessible to the broad public. COTI is partnering with fintech company, Simplex, to implement this new program. In a release on Medium, COTI explained, its bank account and debit card will help to provide a seamless relationship between the fiat and crypto worlds. "As a design partner of Simplex, COTI is the first to list on this program, and our community will be the first to own a branded COTI Pay debit card," the company stated. "By using the crypto-friendly bank account, COTI users will be able to open a bank account on their name, with an IBAN, store fiat natively in their COTI Pay wallet and globally spend their balance at any merchant that accepts VISA cards, both online or in-store."
COTI further stated plans to include its banking program in the COTI Pay Business suite offered to merchants, projecting that it would greatly increase their usage volume as well as the rewards for COTI’s stakers.
The initial rollout includes:
- Opening and owning a bank account with an IBAN
- Ordering COTI’s VISA debit card
- Converting crypto to fiat for global spending with the COTI debit card, online or in-store
- Activating the card, acquiring a secure PIN, checking balances and transactions
- Cash withdrawal from an ATM,
- Topping up the account with crypto.
In this rollout, the program is available to persons living in the EEA and UK residents, with a total of 3,000 cards to be issued, but COTI promises to expand to an additional 5,000 cards in a month, and to move on to other countries in the future as well. Eligible persons can sign up for a bank account at coti.simplex.com.
So guys, what are your thoughts on COTI's performance in the markets? Do you think it's going to continue to smash ceilings?
And how do you feel about this latest development, the COTI card and bank account? Will you be signing up? Though I'm not in an eligible country at the moment, a shame if you ask me, I'm certainly keeping an eye out for the expansion.
Well guys, that's it for me for now. Until the next post, please be safe!
