Cardano Foundation to develop ADA payment processing solution with COTI

As Cardano’s adoption continues to grow, its parent company, the Switzerland-based Cardano Foundation, has announced its plans to develop an ADA payment gateway in collaboration with an enterprise-grade Fintech platform, COTI. The offering will essentially allow merchants to accept ADA payments with a near-instant settlement into 35 fiat currencies directly into their bank accounts.

According to the official blog post, the main focus of the ADA payment gateway is to simplify the acceptance and settlement of ADA payments and is set to launch in November this year. The post further said,

“COTI is developing and implementing the service, making the ada payment gateway solution simple to deploy for merchants. The payment solution will be easily integrated directly into merchant’s website either with an adaPay button or a QR-based point of sale (PoS) system.”

In order to power the ADA payment gateway, the Cardano Foundation led by Charles Hoskinson, which supervises the development of Cardano and its ecosystem, will leverage COTI’s Universal Payment Solution 23 [UPS]. The UPS will offer an extensive ADA payment solution that will merge all existing support systems of traditional payment processors with the further advantage of digital assets.

Following the development, Shahaf Bar-Geffen, CEO of COTI, commented,

“This joint effort is one of the first steps we are taking in delivering a truly universal payment solution and expanding the COTI tech stack beyond our own ecosystem. The ways people exchange value is changing for the better, and the future is looking more promising for payments.”