- COTI users will have access to bank accounts and debit cards to spend funds in cryptocurrencies in physical and online stores.
- The debit cards are issued with Simplex and will be launched first in Europe, then the US, Asia, and Oceania with other regions in January 2021.
In a Medium post, the COTI ecosystem has revealed its latest expansion. COTI network users will have access to bank accounts and, in conjunction with its partner Simplex, will be able to access debit cards. The bank accounts will be accessible with the COTI Pay application.
In the post, it is highlighted how important it is for COTI’s financial ecosystem and its users to be able to use debit cards to access their funds in cryptocurrencies. This new service is critical to improving the user experience and expanding COTI’s merchant network.
The COTI Pay wallet will be used to store funds by converting them into fiat money to be used as a means of payment in any physical or online store.
On the other hand, bank accounts will operate with a personal IBAN. Thus, users will be able to make international transfers from any bank account. In addition to the possibility of storing fiat money, the COTI Pay application will have a crypto-to-fiat swap and vice versa function enabled. The application will also have the following features:
- Purchase operations without a maximum limit.
- One-click purchase or sale enabled by COTI partners.
- Multiple top-ups and transfer methods.
- KYC-form needs to be filled only once.
Bank accounts will initially be enabled for all users outside the United States, then users in Europe will be the first to receive debit cards in January 2021. The product will then be launched in the United States, Asia, Oceania, and other regions. The cards will have a physical and a digital version that can be used with the COTI Pay application, as shown below.
Payments with Bitcoin, Ethereum, and USDT using COTI
The publication clarifies that debit card payments will be made using the fiat money balance. Therefore, users will be able to immediately access any funds in fiat currency that are stored in the COTI bank account.
In addition, Simplex will allow a “top Up” feature to be implemented in the application so that users can use Bitcoin, Ethereum, and USDT as funds in the debit card and COTI bank account. Users will also be able to sell and buy cryptocurrencies with the COTI Pay application. This feature will be settled with the COTI bank account. Simplex CEO Nimrod Lehavi had this to say about their partnership with COTI networks:
Simplex is driven by the underlying mission of accelerating crypto adoption, and a large element of mass adoption is enabling the accessibility of crypto earnings. We’re excited to partner with COTI to enable their thousands of users to make use of their funds throughout the world.
Users interested in receiving COTI’s products can enter a waiting list for their region. To access the list, users must apply via their account in the COTI Pay application.