Building payment rails for Fantom-based networks with COTI

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COTI

2 min readDec 23, 2019

This article was published by Michael Chen, Fantom CMO, on December 23rd, 2019. To see the original article, click here.

Fantom is elated to share that we’ll be strengthening our collaboration with COTI. We previously already shared that we’re working with the team at COTI to share research and technical knowledge, and we’ve also hosted them for AMA’s in our Telegram group, but today we want to make that partnership more tangible for both communities.

We’ve had the pleasure of striking a deal between Fantom, Xar network, and COTI, to collaborate on creating a payment solution for Fantom-based networks, and to make collateral stable debt tokens (CSDT) usable in daily life.

What are Fantom, Xar, and COTI actually going to do to make CSDT usable?

COTI will work on integrating Fantom-based mainnets such as Xar Network into their existing payment rails on the back-end, allowing us to build FantomPay and XarPay on top of a reliable infrastructure that supports merchant onboarding, fiat off-ramps, and consumer applications.

By utilizing COTI’s infrastructure, merchants will be able to accept CSDT or fiat-backed stablecoins issued on top of Xar, while still receiving fiat currency into their bank accounts at with a wide global coverage and 35 currencies.

All transactions data will be also put to COTI’s Trustchain, opening up further usage and financial services, and adding more utility to COTI’s native coin.

To showcase the reliability and speed of COTI’s payment infrastructure, COTI will also be integrating ERC20 FTM into the payment rail initially for community members, merchants, and parties interested in the solution to get hands on with the solution in the first quarter of 2020.

In other news, our partners at COTI recently also launched AdaPay in collaboration with the Cardano Foundation, allowing merchants to accept ADA in their stores as well. COTI has followed this release with Bitcoin based payment rails, as part of COTI’s strategy to be a universal payment solution, working both on fiat and cryptocurrency payment processing in an interoperable and seamless manner.

Fantom website: https://www.fantom.foundation

Fantom Telegram Discussion Group (English): https://t.me/fantom_english

For all of our updates and to join the conversation, be sure to check out our Telegram group and Telegram channel.