Cardano has been making some major moves towards developing its ecosystem lately. As part of this strategy, it is teaming up with COTI, the first DAG-based blockchain protocol, to launch an ADA payment gateway. The gateway which is scheduled to launch next month will allow merchants to accept payments in ADA seamlessly as it will be integrated into merchants’ websites for easy use.
CEO of COTI Shahaf Bar-Geffen said: “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,” he added.
COTI which is optimized for use by payment dapps, merchants and stablecoin issuers will develop and implement the payment gateway which will also be powered by its universal payment service (UPS).
Cardano’s founder Charles Hoskinson had earlier mentioned that the company was working towards becoming a major payment company that will outcompete Facebook’s Libra. With COTI’s UPS, the company is realizing this dream by combining the ideas of traditional payment systems and adding the improvement of the digital payment systems.
The payments can easily be cashed out in 35 fiat currencies according to an announcement by Cardano Foundation. Once integrated, merchants can easily access the gateway through their websites via an adaPay button or using a QR Code for those using point-of-sale (PoS) machines.
Aside from payments, Cardano Foundation is also actively involved in research which is why it works with higher institutions of learning. It also intends to spread its reach to Africa where it intends to launch a currency pilot soon. The company has also hinted it will be launching its own debit card although no specific timeline has been given for these yet.
