The Cardano Foundation (ADA) is a well-known pioneer in the adoption of real-life blockchains, specifically in the B2B sphere. Within the last five days, the Cardano team released a new payment solution and launched the Shelley Incentivized Testnet. The reaction to this news resulted in ADA's price rising shortly afterwards.
New Crypto Payments Solution for Business
The AdaPay solution, released on November 28, 2019, is a collaboration product between the Cardano Foundation and COTI - a fin-tech platform focused on '"building own payment solutions" for businesses. With the new system, any organization can launch an ADA-powered payment gateway.
Adapay and Coti is now live https://t.co/lFLHgl9F3k
— Charles Hoskinson (@IOHK_Charles) November 29, 2019
In order to get whitelisted with the new release, a business representative needs to fill out a simple form on COTI's official website. The only stringent requirement is a minimum of $50,000 in monthly sales volume.
One more brilliant feature of the recently released payment solution is its crypto-to-fiat integration. With 35 fiat currencies to choose from, AdaPay offers its clients near-instant settlements directly into their bank accounts. Thus, it seems that the Cardano Foundation has produced a new class of payment processor that merges the benefits of crypto and "classic" payments.
The reaction by the markets on Cardano's recent milestone have been extremely bullish. In the last five days, the price for ADA surged almost 25%, reaching $0.041 USD/ADA. As of now, ADA has entered the top 10 list of cryptocurrencies, with the highest market capitalization.
It is interesting that COTI has developed its own b2b-crypto processing solution named COTIPay. It can process all types of payments (online and offline), including crypto and stable coins, credit cards, and even a merchant’s native coin. It also has built-in financing with interest earned on deposits and business loans.
AdaPay seems to be a brilliant example of how a crypto behemoth can collaborate with a lesser-known firm and utilize their expertise. Have you ever paid with cryptocurrencies in shops? Tell us on Twitter!