Cardano Foundation has released AdaPay with COTI

Cardano Foundation and the COTI have released the AdaPay, which is a solution that allows the merchants to accept the ADA and receive the fiat on their bank accounts.

COTI is the world's first blockchain protocol optimized for the decentralized payments, which has been designed to use by the governments, merchants, payment dApps and stable coin issuers. COTI Pay, the first app, already boasts a network of more than 80000 users and 5000 merchants.

COTI uses a DAG (Direct Acyclic Graph) ledger to address the shortcomings of the Blockchain platforms that make them unsuitable for supporting mainstream and day to day transactional needs.

Announced in the month of October, the collaboration adds the ADA as a payment option for the merchants with the help of a COTI Pay platform.

Moreover, the AdaPay is a distinct offering as merchants who integrate it will only be able to support the ADA. The payment is settled “near instantaneously” and can be converted to the 35 fiat currencies for the merchant receiving them, notes the announcement.

For the physical stores, a point of sales system which is based on the QR code is also available. The system is based on the COTI’s Universal Payment Solution Platform.

Some of the upcoming features, such as the lending products and prepaid debit cards, will be made available for the ADA merchants as well.