COTI to Release Bank Accounts and Visa Debit Cards
The digital fintech platform COTI has announced its latest products that will provide Visa debit cards and bank accounts to users. Its partner in the initiative is the financial institution Simplex.
COTI’s New Services
COTI (Currency Of The Internet) – a blockchain platform allowing organizations to build their own payment solutions – has expanded its product line. According to an announcement shared with CryptoPotato, it teamed up with the fintech firm Simplex to introduce Visa debit cards and bank accounts to customers.
The new services would help users to access the monetary ecosystem easier and would serve as a bridge between fiat currencies and digital assets.
Clients would be able to open a new bank account with an IBAN and order a COTI Visa debit card. On it, they could convert crypto to fiat for global spending. Cash withdrawal from ATMs, both in SWIFT and SEPA regions, as well as topping up the account with crypto assets would also be possible.
The debit card would be implemented into COTI Pay. The blockchain platform added that in the future, it would integrate other features and loyalty-based plans into the offering.
COTI revealed that it would roll out the cards on two rounds. It will send out 3,000 cards during the initial one, while 5,000 more will be available a month later.
The team behind the blockchain project assured it would distribute the solution to various regions around the globe. As of the moment, though, it applies only to EU and EEA residents.
COTI’s Other Partnerships
Recently, the enterprise-grade fintech platform announced another collaboration. This time with Cardano’s stablecoin hub, Ardana.
The alliance ensured crypto-to-fiat payments aimed at the Cardano community, in addition to consumers and merchants worldwide. Shahaf Bar-Geffen – COTI’s CEO – confirmed the move:
“Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operations.”
The news caught the attention of the crypto community. What’s more, COTI’s token price spiked by roughly 50%, hitting an all-time high (ATH) of $0.60. It tapped yet another record yesterday at $0.66 but has retraced now to approximately $0.62.