By Tobi Loba
Cardano Foundation has done a lot and still doing more for the growth and development of Cardano ecosystem. A notable step towards the next level of advancement for the digital token ADA has been taken by the Foundation. In an update released on 23rd October 2019, Cardano Foundation is teaming up with COTI, an enterprise-grade fintech platform to build an ADA gateway payment.
This innovation is expected to go live by November 2019. It will be designed to allow merchants to accept ADA payments in a very fast transaction and delivery into 35 fiat currencies, which will settle directly into the accounts of the concerned merchants.
The development will be made possible through the service of COTI. This is a means of making ADA payment solution simpler for in-house and potential merchants to leverage on.
According to the update, the payment solution will be perfectly merged with the merchant’s website. On the website, there will be an option of QR-based point of sale (PoS) or adaPay button.
The underway development is going to make accepting and settling ADA payment easy and simple. It will also give room to merchants to carry out their transactions in real-time.
Universal Payment Solution (UPS) to Power the ADA Payment
Going by the report, Universal Payment Solution 51 (UPS) will serve a vital purpose in perfecting the development. COTI UPS is employed to power the ADA payment gateway offering.
COTI UPS is trusted to make ADA payment solution easy and understandable, which will bring all existing support systems of fiat payment processors with the value increase of digital assets.
Aside from the aforementioned, COTI UPS will be saddled with the responsibility of providing financial services such as prepaid debit cards and lending project. This will as well be made available to ADA merchants.
The CEO of COTI, Shahaf Bar-Geffen, revealed how pleased he is to see COTI teaming up with Cardano Foundation in making the building of the standout payment solution for merchants possible.
He said, “We are pleased to team up with the Cardano Foundation in building a unique payment solution for merchants seeking adaPay checkout functionality…”
He also pointed to the opportunity opened for COTI tech to showcase its universal payment solution utilities beyond its ecosystem.
“…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…” Shahaf added.
Cardano (ADA) in the Market
Cardano (ADA) presently occupies 12th position in the cryptocurrency market. ADA has been one of the top performers among the first 20 digital currencies on 24 hours basis.
At the time of filing this report, ADA is trading at $0.037716, with 3.29% price upsurge in the last 24 hours. The digital token has however struggled to beat the challenges on its course to being listed among the top 10 cryptocurrencies. The struggle continues anyways.