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“Near Instant” crypto Payment goes live

“Near Instant” crypto Payment goes live
By We Play Coins
Added on Nov 29, 2019

“Near Instant” crypto Payment from Cardano goes live according to a forum post on the cardano website. The payment gateway was in the works for sometime. The company made an announcement in october that along with COTI, they would provide a payment system for the Ada cryptocurrency.

From the forum post

AdaPay solution – developed by the Cardano Foundation and COTI – went now live today!

This solution allows merchants to accept payments in ada with a near-instant settlement into fiat currencies directly into their bank accounts. You can now start accepting ada for your business by joining COTIpay platform. For more details, please visit COTI’s website.

To have a look and feel of adaPay gateway in action, COTI has created a demo COTI store where you can see how payment with ada works and looks like.

For more details, please visit COTI’s website.

The Cardano Foundation and COTI, an enterprise-grade fintech platform, are to develop an ada payment gateway. The offering – due to launch in November – will allow merchants to accept ada payments with a near instant settlement into 35 fiat currencies directly into their bank accounts.

COTI is developing and implementing the service, making the ada payment gateway solution simple to deploy for merchants. The payment solution will be easily integrated directly into merchant’s website either with an adaPay button or a QR-based point of sale (PoS) system. The offering will simplify accepting and settling ada payments, and enable merchants to manage all transactions in real-time.

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 to the 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.

The Cardano Foundation will leverage COTI’s Universal Payment Solution 86 (UPS) to power the ada payment gateway offering and further extend the utility use case for the token – both inside and outside of the Cardano ecosystem. The COTI UPS will provide a comprehensive ada payment solution that will combine all existing support systems of traditional payment processors with the added value of digital assets.

As COTI UPS is extended to provide other financial services, such as lending products and prepaid debit cards, these will also be made available to ada merchants.

“Near Instant” crypto Payment is being derided on social media with some claiming that it takes 30-40 seconds. However, the instant transfer to fiat currency makes the delay hardly noticeable.

About COTI

COTI is an enterprise-grade fintech platform that enables cross-chain interoperability and is built on its own DAG-based chain. It supports extreme scalability and low transaction costs and is supplemented with payment-specific requirements in the form of COTI Pay, a holistic digital payment solution. COTI Pay empowers enterprises and merchants to receive any kind of payment method and build their own payment networks and Coin as a Service (CaaS), settle instantly, earn interest and grow their businesses through working capital loans. Find out more: https://coti.io/

About the Cardano Foundation

The Cardano Foundation is an independent body based in Zug, Switzerland, with core responsibilities to help oversee and supervise the development of Cardano, the world’s first third-generation blockchain, and its ecosystem. The Foundation is committed to protecting and promoting Cardano, the first blockchain platform developed for smart contracts using a scientific philosophy, and to advocate on behalf of the users and community of the protocol. The Foundation works alongside Input Output HK (IOHK), who are contracted to design and build Cardano, and EMURGO, the for-profit arm working to boost the Cardano ecosystem through commercial ventures. The three entities are wholly separate in governance, ownership and leadership. Find out more: www.CardanoFoundation.org