COTI has launched VISA debit cards and bank accounts to the general public. Both tools aim to mitigate economic inequality, which will be achieved with the help of Simplex, a key partner, Invezz learned from a press release. By introducing these products, COTI will help users access a broad, comprehensive financial ecosystem. They aim to close the gap between the worlds of crypto and fiat.
Users can register for crypto-friendly accounts from COTI
Users can register for crypto-friendly accounts from COTI using their name and use them to store fiat currency. They can spend those balances anywhere VISA is accepted, both online or offline. The banking program will become a part of the COTI Pay Business merchant suite. The rewards for staking the COTI token will increase in parallel to adoption of these solutions.
Initial rollout version will enable crypto-fiat conversion, ATM withdrawal, and more
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The first version of the COTI debit card will feature conversion from crypto to fiat for global spending with the VISA debit card, cash withdrawal from ATMs in SEPA and SWIFT regions, card activation through PIN code, the ability to check balances and view transactions, and the ability to top up the account with crypto assets, SEPA, SWIFT, and payment cards. Future versions will enable VIP card models, loyalty-based plans, and additional features.
First round includes 3,000 cards
The card will integrate within COTI Pay, allowing holders to purchase and sell crypto directly from their bank account, supported by VIPER wallet. Presently, the COTI VISA debit card is available to EU and EEA residents, but they can use it all over the world. 3,000 cards will be distributed in the first round. In a month from now, COTI will make another 5,000 cards available.
Cardano to feature a new stablecoin
With COTI’s help, the Cardano (ADA/USD) blockchain will feature a new stablecoin. COTI will serve as the ecosystem’s payment gateway. The new current, Djed, is DeFi-focused and keeps prices stable by means of an algorithmic design. The protocol will serve as an independent bank exchanging stablecoins without a specific price range connected to a target price.
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