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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

FinTech Behind Cardano’s First Stablecoin Launches Bank Accounts And Visa Debit Cards

Best Owie
Best Owie
1 year ago
3 mins read
Picture of a gold debit card on a computer keyboard, depicting COTI debit cards

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COTI is set to launch bank accounts and Visa debit cards for its users. The company which is building the very first stablecoin on the Cardano blockchain is moving forward with new products to expand its service offerings to its clients. COTI had announced that it had partnered with Simplex to bring this project to the fore, which would enable users to operate bank accounts and debits cards on the platform.

COTI has long been working on being a bridge between the finance and crypto world. Its services marry traditional finance offerings with the cutting-edge technology that comes out of the crypto industry. The partnership with Simplex enables COTI to provide its users with crypto-friendly bank accounts and debit cards, which the users will be able to operate and spend globally.

COTI Brings Crypto To Banking

Using the COTI bank accounts and debit cards makes it easy for users to spend their crypto. The bank account provides easy conversion of the crypto to fiat, which can then be spent by the user. In addition to funding their accounts with crypto, users can also load up using swift, SEPA, and cards. This makes it easy for users to spend their crypto no matter where they are in the world.

Related Reading | EMURGO To Invest $100 Million In Cardano To Bolster DeFi Adoption

The bank accounts also provide its users with IBANs and customers can withdraw funds from their bank accounts using SEPA transfers, SWIFT, and ATM withdrawals. With plans to allow users to buy and sell crypto directly from their accounts with the VIPER wallet currently in the works. The accounts are available to customers who reside in the EEA (European Economic Area) and in the U.K.

COTI debit cards are issued by Visa and so the cards can be used anywhere Visa cards are accepted. COTI plans to release its debit cards in more countries as time goes on.

Cardano price chart from TradingView.com

ADA price recovers above $2.2 | Source: ADAUSD on TradingView.com

Releasing Cardano’s First Stablecoin

It was announced at the Cardano Summit which concluded last week that the foundation had formed a new partnership with COTI. This partnership will see the first stablecoin being created on the Cardano blockchain. Djed, a stablecoin that utilizes smart contracts, will be developed and released by the COTI Group as the first official stablecoin of the Cardano ecosystem.

Related Reading | Charles Hoskinson To Launch Three-Time Grammy Nominee Paul Oakenfold’s Album On Cardano

Djed will serve as an alternative way to pay transaction fees on the blockchain. As the first of Cardano’s decentralized finance (DeFi) protocols are set to debut on the network soon, using a stablecoin to carry out transactions will ensure that fee structures are transparent and more predictable for users. “I believe that adding the Djed stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform,” said Shahaf Bar-Geffen, CEO, COTI Group.

A launch date is yet to be announced for the Djed stablecoin. But the COTI group will work in conjunction with the Cardano Foundation to bring this project to life on the blockchain.

Featured image from Forbes, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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