All-Time High Month for COTI — breaking $15M in December 2020 in Processing Volume
2020 was a tremendous year for COTI in terms of processing volume, with COTI’s strategy to serve high risk and gaming merchants proving itself, signing top tier merchants like Dafabet, one of the world’s most prominent global gaming groups, Soft Gamings, Kindred Group, 10bet, and more. So, it is only symbolic that we have reached the top right as the year ends: we’re thrilled to report that December is indeed our best month to date, clocking $15.1M USD in merchants’ processing volume.
While we’re proud of our success in processing significant volumes on the Trustchain digital payment rails, it also serves our community and $COTI holders greatly.
The growth of volume on the Trustchain directly benefits the stakers and node operators of COTI by paying lucrative rewards, positioning COTI’s staking 2.0 program as one of the most desired and lucrative staking programs in the space. We’re proud to say that we have shared more than 7.5M $COTI to stakers and node operators in 2020, a reward worth $400k in today’s price.
This allowed us to grow the number of nodes on the network from 2 to 17 and the amount of staking available from 0 to 145M $COTI (exchange-based staking included).
Not only that, but the growth of processing volume has allowed us to do substantial buybacks of $COTI from the market. As we have announced earlier this year we have been doing periodical buybacks of $COTI from the market to facilitate the requirements of merchants that need $COTI to pay their processing fees. On the COTI network, all transactions are carried out using $COTI to pay fees for services rendered to merchants. This means merchants must maintain a supply of $COTI to be able to participate and transact on the network. While many of our merchants understand the benefits of using a blockchain based system like COTI, they don’t necessarily want to have to interact with and manage a coin themselves. As such, COTI has purchased these coins for merchants on their behalf, using their revenue, supporting the organic demand for $COTI. We can now share that we bought for our merchants more than 35M coins from the open market during 2020, as part of our coin purchase plan. As the volume continues to grow, so will the amount of $COTI subject to buyback is growing.
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Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf