The Cardano foundation partners with COTI to develop an ADA Payment Gateway for merchants.
It is announced by the Cardano Foundation on 23rd Oct that it has made a partnership agreement with an enterprise-grade fintech platform COTI to develop an ADA payment gateway.
According to the partnership agreement, the COTI firm would be developing this ADA payment gateway for the Cardano foundation.
The ADA payment processing platform will be available for the merchants. Now merchants can easily accept ADA payments and would be able to make transactions in altcoin with the help of this platform.
On this occasion, CEO of COTI Shahaf Bar-Geffen says that they are happy to be a partner with the Cardano foundation in developing this unique project.
He says:
We are pleased to team up with the Cardano Foundation in building a unique payment solution for merchants seeking adaPay 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.
According to the announcement, the Cardano foundation aims to integrate this Payment processing gateway into the website of merchants. This integration would be done with the help of an adaPay button or by using a QR-based Point of Sale (PoS) system.
In its blog post, The Cardano foundation also says that the ADA payment gateway will be developed and powered by the Universal Payment Solution (UPS) of the COTI firm. And this will also increase the utility of their native token across different countries.
The company says that the ADA payment gateway offering will be launched in the month of November. And they will offer the instant settlement service into 35 fiat currencies.
Cardano (ADA) is known for its slow development. But now it is picking up the pace and continues to develop new projects.
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