COTI, the first enterprise-grade fintech platform that empowers organizations to build their own payment solution and digitize any currency to save time and money, has just announced two new products: a debit card and bank accounts, according to a press release that was shared with iHodl.
The card that allows COTI's users to spend their cryptocurrencies wherever cards are accepted. In addition, the launch of this physical and virtual debit card helps boost the adoption of the COTI network due to the fact that merchants will now be able to virtually accept cryptos as a method of payment.
The launch of the card has been possible thanks to the association between COTI and Simplex, the world’s biggest provider of fiat-to-crypto services, which will be the card issuer.
However, the company has also announced another product: its COTI bank accounts, which will be accessible directly through the COTI Pay app.
Users who use this service will be able to store fiat money natively in their COTI Pay wallet and spend it at any merchant that accepts major cards.
Users with a COTI bank account will receive a personal IBAN that will allow them to transfer funds to and from any bank account in the world. Users will not only be able to make traditional money transfers, but also will be able to store fiat via the COTI Pay app, along with converting crypto to fiat and fiat to crypto, again, directly from the COTI Pay app.
This service includes a wide range of services, no maximum purchase limits, 1-click buy and sell at various partners, 1-time KYC as well a variety of top-up or payment transfer methods.
Regarding the launch, it must be noted that the bank accounts will be launched first, while the COTI debit cards will be rolled out shortly after. The cards will initially be launched in Europe, then the US, and eventually Asia, Oceania and other regions. Users will receive a physical debit card as well as a virtual debit card within the COTI Pay app. Bank accounts will launch anywhere outside of the US immediately.
The COTI debit card operates on a fiat only balance, meaning that any fiat money stored in the users COTI bank account can be automatically accessed through the COTI debit card. Users will also be able to top up the COTI debit card directly, by simply clicking on the "Top Up" button beneath the virtual card in the COTI Pay app and selecting their top up currency, which can be BTC, ETH, USDT or COTI.
Users can also buy or sell cryptos within the COTI Pay app and settle this directly to and from their COTI bank account.
Simplex CEO Nimrod Lehavi said:
"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 getting a COTI debit card and COTI bank account can apply for them on the COTI Pay app.
The first COTI debit cards and COTI bank accounts are expected to be issued in January 2021.