Ormeus has signed a $1.5 million deal to use COTI’s Trustchain technology
COTI will be providing Ormeus Cash (OMC) with the technology upon which it can build its merchant gateway and point of sale (POS) system as part of a contract in consideration of $1.5 million. This will enable OMC to be accepted by merchants all around the world as payment for goods and services, while bypassing the roadblocks experienced by traditional and blockchain-based payment networks.
The advantages for merchants are endless and include near-zero fees, instantaneity, buyer-seller protections, improved cash flow, low rolling reserve requirements, and regulation.
Consumers also enjoy many benefits when paying with cryptocurrency at a merchant utilizing the OMC POS, including instant payments, low-to-zero fees, ease of use, dispute resolution, privacy and more.
Both COTI and Ormeus are excited to get the partnership off the ground and to begin building the OMC merchant gateway based on the Trustchain.
“COTI is a true creative thinker in the world of blockchain technology. Having them at the heart of our project gives us confidence in what we can build and achieve together. We are delighted to work with such an outstanding team and innovative technology,” said John Barksdale, an Ormeus advisor.
COTI CEO Shahaf Bar-Geffen added:
“COTI is tailor-made for enterprises. Our Trustchain eliminates all intermediaries and enables any organization to build their own private payment solution and digitize any currency. We are more than excited to join together with Ormeus Cash to open up the enormous potential of digital payments and e-commerce all around the globe.”