COTI, an enterprise-grade fintech platform that empowers organizations to build their payment solutions, recently announced that it will be partnering with Cardano’s stablecoin hub, Ardana.
The collaboration will introduce stablecoin crypto-to-fiat payments aimed at the Cardano community, in addition to consumers and merchants worldwide.
Speaking in a statement, COTI’s CEO, Shahaf Bar-Geffen, said,
“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.”
Stablecoin Payments on AdaPay
The partnership will see Ardana introduce stablecoin payments to AdaPay, a gateway solution for payments developed by the Cardano Foundation and Coti.
This will ensure that users of AdaPay will now be able to make purchases with their stablecoins wherever the product is accepted.
Additionally, merchants and consumers worldwide can now trade directly using stablecoins. They are touted to be a more stable form of digital currency as opposed to the more popular and highly volatile cryptocurrencies.
Ardana’s founder, Ryan Matovu, added, “Both COTI & Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be. When it comes to e-commerce, it is within our vision to have our stablecoin being able to participate in all walks of life- from yield farming on-chain to financing actual farming off-chain.”
COTI Price Jumps 50%
Just a few hours after COTI made the announcement, it received a lot of attention from crypto users, and its coin’s price spiked by roughly 50%, hitting an all-time high (ATH) of $0.60.
Although COTI has retraced and is now trading at $0.51 following another wide-market crash induced by fresh China FUD, it has still retained a 24-hour increase of 25%, according to live data from CoinMarketCap.
Cardano Invests in COTI
In April, Cardano made its first investment in COTI through its new venture fund, dubbed cFund, in an effort to strengthen its relationship with the enterprise-grade platform.
As reported at the time, by investing in COTI, Cardano doubled down on its support for the protocol as the two parties have been working together since 2019.