COTI Introduces Bank Accounts and Visa Debit Cards

COTI is pleased to confirm that its Visa debit cards and bank account are accessible to the public. With assistance from Simplex, both of these financial tools should help with addressing “economic inequality.”

As noted in an update shared with Crowdfund Insider, COTI aims to change the way consumers “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,” the announcement noted. It also mentioned that these new services will aim to 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.” As mentioned in a release, COTI positions itself as “a provider of a crypto-friendly bank account.”

Users are able to sign up for an account “using their name, gain an IBAN, and use it to store fiat currency balances.” Then, holders may spend those balances internationally “at any merchant accepting VISA payments online or offline.”

The banking program will be undergoing “evolution” and become a key part of the COTI Pay Business suite for merchants, the release noted while adding that as the adoption of these solutions increases, so too will “the rewards for COTI’s token stakers.”

The initial rollout version should offer these 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,” the release confirmed while adding that 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 now available to European Union and EEA residents “yet can be used to spend funds globally.”

COTI’s team is working 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,” the announcement revealed.

As noted in the update, the Cardano (ADA) 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.”

As mentioned in the release, COTI is a fully encompassing “finance on the blockchain” ecosystem, specifically designed to “meet the challenges of both centralized finance (fees, latency, global inclusion and risk) and decentralized finance (fees, clogging and complexity) by introducing a new type of directed acyclic graph-based base protocol and infrastructure that is scalable, fast, private, inclusive, low cost and is optimized for finance.”

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