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Under its project catalyst challenge, COTI has built and developed an application on the Odoo platform allowing e-commerce platforms to accept ADA for payments via the ADA Pay API.
Earlier this week on Monday, July 11, DAG protocol COTI announced that Rodolfo Miranda, one of the winners of Catalyst fund 7, has successfully integrated the ADA Pay Plugin to Odoo, for midsize businesses. COTI said that its business and development teams worked closely with Rodolfo Miranda on the project.
Odoo (On Demand Open Object) is an open-source solution for business applications. It has more than 7 million registered users from the startup world as well as large enterprises. The ADA Payment gateway solution is one of the first necessary steps in getting Cardano’s native crypto to the masses.
Built atop the Cardano blockchain network, the ADA payment system for businesses allows merchants to accept ADA as a payment method along with the instant settlement. Previously, another catalyst team Carl Henry Global also created an ADA Pay Plugin for eight different shopping platforms including WooCommerce, WordPress, and Jumla. Speaking of the recent development, Rodolfo Miranda said:
“Delivering this project can’t be more streamlined. The ADA Pay API just simplifies the development process. Not only is it well documented, but also the COTI team was prompt to give us support to all of our questions and concerns. I really appreciate COTI professionalism and dedication.”
COTI’s Project Catalyst Challenge
As part of its Project Catalyst Challenge, DAG protocol COTI invited teams to develop ADA Pay plug-in solutions. These solutions were ready for integration with different e-commerce platforms. COTI said that it has funded 5 out of the 16 submissions that it received.
The goal of the project was to build and develop an application for the Odoo platform. The application will serve as a payment acquirer which will accept ADA for payments via the ADA Pay API.
COTI has been actively working for new developments on the Cardano blockchain. Last September 2021, COTI issued an algorithmic stablecoin “Djed” on the Cardano blockchain network. The Djed stablecoin leverages smart contracts in order to ensure price stability.
COTI launched the Djed algorithmic stablecoin to cater to several decentralized finance (DeFi) applications on the Cardano blockchain network. However, algorithmic stablecoins have come under scrutiny after the recent collapse of the TerraUSD stablecoin.