fbpx

COTI Introduces Bank Accounts And VISA Debit Cards

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 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. 

Future versions of the COTI debit card will enable additional features and benefits, loyalty-based plans, and VIP card models. Moreover, the card will be deeply implemented into COTI Pay, including a fiat account and letting users buy/sell crypto directly from the VIPER wallet bank account.

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.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Rate This Article
    In order to improve, we give you the opportunity to rate DailyCoin content
    Author

    Read the most recent crypto press releases on DailyCoin to know all the latest project news from fintech and blockchain businesses. Disclaimer: This article is a press release and was not written by DailyCoin. We always aim to have the highest editorial and fact-checking standards, so if you encounter any content related issues, please contact us at [email protected]