- COTI announced that the public can now access VISA debit cards and bank accounts.
- Through Simplex, economic inequality will be addressed using these financial tools.
- This is COTI’s way of shaping the financial sector for the better.
COTI proudly announced that VISA debit cards and bank accounts are now accessible by the public. With Simplex, these financial tools will be able to address the inequalities economically.
The team at COTI says that it is changing the way people think about 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.
As mentioned, Simplex will assist in making this possible. As one of the most important partners for COTI, Simplex will help materialize these products.
To note, COTI prides itself on being a provider of a crypto-friendly bank account. COTI asks its users to register for an account using their name, get an IBAN, and use this account to store fiat currency balances. Afterward, holders can spend these balances globally, in any establishment where VISA payments are accepted online or offline.
Furthermore, this banking program will go through intensive development and become a part of COTI’s Pay Business suite for merchants. Note that the adoption of these kinds of solutions is currently increasing. Therefore, COTI’s token stakers will also reap rewards because of this.
The features of the initial rollout’s version are as follows:
- Opening a new bank account with an IBAN
- The ability to order a COTI Visa 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
Notably, the future versions of the COTI debit card will have more features and benefits, loyalty-based plans, and VIP card models. Along with this, the card will be deeply implemented into the COTI Pay. This includes a fiat account and users’ access to buy/sell crypto directly from the VIPER wallet bank account.
Right now, the COTI VISA is available to EU and EEA residents. However, the funds can be used and spent globally. As the team at COTI mentioned, they are working hard to ensure that the rollout will commence in other regions over the coming months. The first round of rollout is slated to have 3,000 cards while an additional 5,000 cards are set to be sent out a month from now.
In addition to this, COTI will also help the Cardano blockchain to become a home to a new stablecoin. In detail, COTI will issue this Djed stablecoin on Cardano and act as the network’s payment gateway provider. Moreover, this Djed stablecoin is DeFi-focused and it uses an algorithmic design through smart contracts, which ensures price stability. Therefore, the Djed research paper confirms that it will serve as an autonomous bank buying and selling stablecoins, without a particular price range clinched to a target price.
Source: https://coinquora.com/good-news-coti-introduces-visa-debit-cards-and-bank-accounts/
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