Except for a few niche communities, until now crypto-currencies do not become familiar and popular means of payment. However, the partnership between the company COTI (Currency of the Internet) and the owner of the trading platform Processing.com could be a major step to start to use cryptocurrency for everyday purchases such as cups of coffee.
COTI is a company located in tel Aviv, yesterday announced the establishment of a formal partnership with Processing.com the platform, currently used by thousands of sellers around the world to process their payments.
This cooperation means that merchants who use Processing.com will accept coins COTI as payment for their goods and services.
Like Visa, Amex or Mastercard, COTI plans to become another alternative among the operator of online payments.
Cryptographic speaking at the briefing, Director General, COTI Shahaf Bar-Geffen said platform over 300 sellers — from furniture manufacturers to software developers. They joined the platform when the registration is open.
He explained the high level of interest that COTI plans to make online payments faster and cheaper for both parties.
COTI will use their own coins under the name COTI, which will subsequently be used for transactions on the platform. If all goes according to plan, the Bar-Geffen hoped that ICO will take place in June, and the first transaction will be held in August.
In addition to integration platforms, COTI also plans to launch a wallet, debit card and the stock exchange where users will be able to exchange Fiat and other cryptocurrencies into tokens COTI.
Bar-Geffen argues that cryptocurrency payments that may take place directly between customers and merchants, can overcome the existing inefficiencies inherent in the world of online transactions.
“This issue is estimated at $ 2 trillion, he said. — Currently, payments are made through several intermediaries, each of which charges a fee … but they don’t add any value to the process.”
Bar-Geffen stated that the purpose of the COTI is to integrate with the current structure of payments: “Our goal is not to tear down existing structures, but rather to integrate the benefits of crypto-payments in traditional”.
Co-founder Processing.com AVI Chesed said “cryptocurrencies and blockchain technology will inevitably trickle down to main markets. Being a major provider of payment Processing.com this contributes to the promotion and provides users with optimal conditions.”
These partnerships show that the days of cryptocurrency as a speculative asset are numbered. Plan COTI is to bridge the gap between conventional payment systems and technology of the blockchain, there are other platforms that are working to develop similar payment applications for cryptocurrency.
Over the past two weeks the Litecoin Foundation has established formal partnership with the Singapore TenX, and Aliant Payments, which should make Litecoin (LTC)currency, which can be used as debit cards.
Similarly, PaxPay proposed to give to the users a bracelet that will allow to pay for goods and services in real-time.
Competition in the segment, where starts to work COTI tightens and becomes more dense. The success of the platform will depend on the beliefs of sellers that cryptocurrency COTI will be a fast and cheap alternative.
Website: https://coti.io/
Whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
Token Economy: https://coti.io/files/COTI-Token-Sale-Summary.pdf
