COTI is proud to announce its VISA debit cards and bank account are now accessible to the broad public. With the help of Simplex, both of these financial tools will help address economic inequality.
COTI is changing the way people contemplate the idea of accessing financial services and products. By introducing a bank account and VISA debit card, COTI can help users access an all-encompassing financial ecosystem. Moreover, these new services will bridge the gap between the world of fiat currency and the crypto asset realm. Simplex, one of the crucial partners for COTI, helps make these products possible.
COTI positions itself as a provider of a crypto-friendly bank account. Users can register for an account using their name, gain an IBAN, and use it to store fiat currency balances. Then, holders can spend those balances globally at any merchant accepting VISA payments online or offline.
The banking program will undergo evolution and become a part of the COTI Pay Business suite for merchants. As the adoption of these solutions increases, so too will the rewards for COTI’s token stakers.
The initial rollout version will include the following features:
- Opening a new bank account with an IBAN
- The ability to order a COTI Visa (NYSE:V) debit card
- Conversion from crypto to fiat for global spending through the VISA debit card
- Activating the card and acquiring a PIN code, the ability to check balances and view transactions.
- Cash withdrawal from ATMs, both in SWIFT and SEPA regions
- Topping up the account with crypto assets, SEPA, SWIFT, and payment cards.
The COTI VISA debit card is currently available to EU and EEA residents yet can be used to spend funds globally. COTI’s team is working hard to ensure a rollout to other regions over the coming months. A total of 3,000 cards will be sent out during the first round.An additional 5,000 cards will be made available in a month from now.
Furthermore, the Cardano blockchain will become home to a new stablecoin with the help of COTI, which acts as the network’s payment gateway provider. Djed, as the new current is called, is DeFi-focused and uses an algorithmic design via smart contracts to ensure price stability. The Djed research paper confirms the protocol will serve as an autonomous bank buying and selling stablecoins without a particular price range pegged to a target price.
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