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Fintech Platform, COTI Teams Up with Ardana for Stablecoin Payments

Fintech Platform, COTI Teams Up with Ardana for Stablecoin Payments
Fintech Platform, COTI Teams Up with Ardana for Stablecoin Payments

COTI, a leading fintech platform, has announced its collaboration with Ardana, a Cardano stablecoin platform. Through this partnership, COTI will integrate stablecoin crypto to fiat payments that can be accessed by the Cardano community and other global users.

With this partnership, Ardana will bring stablecoins to AdaPay, an innovative payment solution created by the Cardano Foundation and Coti.

Strategic Partnership

The CEO of COTI, Shahaf Bar-Geffen, stated that “Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable ream of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operations.”

Users on AdaPay will not have a means of making purchases from merchants globally using stablecoins if the product is acceptable in that given platform. Hence, the new feature will allow merchants and consumers globally to make direct traders using stablecoins.

Stablecoins have grown in popularity in recent years. One of the reasons these coins are acceptable by merchants is that they offer a more stable aspect of the crypto sector. Unlike other digital currencies, stablecoins are not volatile because their values are pegged on the US dollar, making them ideal for payments.

Speaking on the matter, the founder of Ardana, Ryan Matovu, stated that the partnership between COTI and Cardano was a strategic one because it is value additional and applies to everyday life.

“When it comes to e-commerce, it is within our vision to have our stablecoin being able to participate in all walks of life – from yield farming on-chain to financing actual farming off-chain.”

COTI’s Price Reaches All-Time High

COTI saw a major price gain after the platform announced this partnership. The buzz has increased the values of this coin by around 50%, and it has reached an all-time high of $0.60.

The coin is still maintaining these levels because it is currently trading at $0.59, according to data from Coingecko. However, it had dipped to $0.51after China’s announcement that declared cryptocurrencies illegal.

Cardano first invested in COTI in April. At the time, Cardano used its venture capital fund, cFund, to invest in COTI and boost its relationship with the fintech platform. Both Cardano and COTI have been working together since 2019, and over time, the two have enjoyed phenomenal growth because of the contributions made possible by each platform. Therefore, the recent partnership shows that Cardano has doubled down on its relationship with the platform.

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