Place/Date: Gibraltar - April 19th, 2018 at 12:10 pm UTC · 3 min read
COTI is the first and only native cryptocurrency on the Processing.com platform and this integration marks a significant step toward the adoption of cryptocurrency as a viable day-to-day method of payment. COTI is also onboarding users onto its system through carefully-crafted merchant accounts, and any approved merchant will receive $1000 worth of COTI coins.
Processing.com is a leading payments solution provider in the e-commerce space, facilitating online payments in multiple currencies across the globe. Until now, all currencies used were of the traditional fiat form. Processing.com manages a community of tens of thousands of merchants and oversees transactions worth billions of dollars annually.
COTI will also launch a full payments ecosystem, consisting of the COTI coin, a wallet, a debit card and a currency exchange. Those holding merchant accounts will have access to all these applications, as well as $1000 worth of COTI coins in their wallet to start.
Using cutting edge DAG (directed acyclic graphs) structures, COTI has advanced the frontiers of blockchain and developed a base protocol, known as the Trustchain™. This new protocol, with its ability to process 10,000 transactions per second, is leading the way in the development of blockchain technology and its incorporation in the real world.
Unlike many crypto-related companies, COTI reconciles the best of traditional payment systems – scale, buyer-seller protections, ease of use – with the best of cryptocurrency mechanisms (low fees and decentralization). By bringing this much-needed reconciliation into the well-established infrastructure of payments that Processing.com provides, COTI is making a key step towards bridging the gap between ordinary systems and the fast growing blockchain tech space.
Shahaf Bar-Geffen, CEO of COTI, commented:
“Our partnership with Processing.com marks a significant development in the real-world adoption of blockchain and crypto solutions, making them more accessible to the public. The acceptance of COTI by merchants on the Processing.com platform, which has tens of thousands of users, is testament to the appetite for introducing cryptocurrency into mainstream markets. Our aim isn’t to disrupt current structures, but rather to incorporate the benefits of crypto payment systems into traditional ones. The partnership with Processing.com is a key step towards achieving this objective.”
Avi Chesed, Co-Founder of Processing.com, commented:
“We are pleased to partner with COTI, a truly innovative and fast-growing tech company. Cryptocurrencies and blockchain technology will inevitably filter through into mainstream markets. As a large-scale payments provider, it is important that Processing.com helps facilitate this progression and provide users with the best possible experience.”
COTI also recently announced its integration with Bancor, which will serve to reduce the persistent problem of crypto volatility, allowing COTI to function as a currency of everyday conversions. As a result, holders of COTI will be able to utilise a fast and secure decentralized exchange.