Cardano Receives First Fiat On-Ramp with Stablecoins

COTI, an enterprise-grade fintech platform that empowers organizations to build their payment solutions, recently announced that it will be partnering with Cardano’s stablecoin hub, Ardana.

The collaboration will introduce stablecoin crypto-to-fiat payments aimed at the Cardano community, in addition to consumers and merchants worldwide.

Speaking in a statement, COTI’s CEO, Shahaf Bar-Geffen, said,

“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 team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operations.”

Cardano (ADA) expands its bet on DeFi and NFT

Ryan Matovu, founder of Ardana, stated that Cardano (ADA) and its DeFi segment look very promising in terms of e-commerce adoption worldwide:

Both COTI & Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be. 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.

Ardana is going to bring decentralized stablecoin payments to ADAPay, a native payment system for the Cardano (ADA) community. Ardana customers will be able to purchase goods with their stablecoins wherever ADAPay is accepted.

Also, Cardano-based stablecoin payments will be accessible for millions of merchants worldwide, protecting them from being exposed to the volatility of cryptocurrency assets.

COTI Price Jumps 50%

Just a few hours after COTI made the announcement, it received a lot of attention from crypto users, and its coin’s price spiked by roughly 50%, hitting an all-time high (ATH) of $0.60.

Although COTI has retraced and is now trading at $0.51 following another wide-market crash induced by fresh China FUD, it has still retained a 24-hour increase of 25%, according to live data from CoinMarketCap.