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Announcing COTI Debit Cards and Bank Accounts!

A debit card has always been an important component of COTI’s all-encompassing financial ecosystem. Having a debit card that allows users to spend their crypto wherever cards are accepted serves an important continuation of our user’s experience and also as a means to exponentially grow our merchant network.

A physical and virtual debit card significantly increases the adoption of the COTI network, as merchants who are unable to accept crypto as a method of payment can now accept it as a de facto payment option, via the COTI debit card.

We are thrilled to announce that we’ll be working with a global card network and with Simplex, our close partner, as the card issuer. However, not only will we be issuing a COTI debit card, we will also be introducing COTI bank accounts that will be accessible directly via the COTI Pay app!

By using this service, COTI users will be able to store fiat natively in their COTI Pay wallet and spend their fiat balance at any merchant that accepts major cards, both online or in-store.

Via a COTI bank account, users will receive a personal IBAN that will enable the user to transfer funds to and from any bank account in the world. A user can not only send and receive fiat as they would with any other traditional bank account but will also be able to store fiat via the COTI Pay app, along with converting crypto to fiat and fiat to crypto, again, directly from the COTI Pay app. This service includes many features that are unavailable on other networks, no maximum purchase limits, 1-click buy and sell at various partners, 1-time KYC, and a variety of top-up or payment transfer methods.

COTI bank accounts will launch first and will be shortly followed by COTI debit cards. The debit card will be issued globally, beginning with Europe, then the US, and eventually Asia, Oceania, and other regions. Users will receive both a physical debit card and a virtual debit card within the COTI Pay app. Bank accounts will launch anywhere outside of the US immediately.

The COTI debit card operates on a fiat only balance, which means that any fiat stored in the users COTI bank account is automatically accessible via the COTI debit card. Users will also be able to top up the COTI debit card directly, by simply clicking on the “Top Up” button beneath the virtual card in the COTI Pay app and selecting their top up currency, BTC, ETH, USDT, or COTI. The fair balance of the selected cryptocurrency will be seamlessly settled and applied to both the users COTI bank account and COTI debit card. Users will also have the option of buying or selling cryptocurrency within the COTI Pay app and settling this directly to and from their COTI bank account.

All of this has become possible via our partnership with Simplex, the world’s biggest provider of fiat-to-crypto services, used by Binance, Huobi, and many other leading exchanges. We have previously worked with Simplex to allow the direct purchase of COTI with credit cards on various exchanges and platforms and we are humbled to be one of the first companies selected by Simplex to issue their integrated card and banking service.

Nimrod Lehavi, Simplex’s CEO: “Simplex is driven by the underlying mission of accelerating crypto adoption, and a large element of mass adoption is enabling the accessibility of crypto earnings. We’re excited to partner with COTI to enable their thousands of users to make use of their funds throughout the world”.

You can now apply for a COTI debit card and COTI bank account via your COTI Pay app:

As we expect high demand for these new services, we have created a waiting list that accounts for all regions, so make sure you apply early, as where possible, applications will be processed on a first come, first serve basis.

The first COTI debit cards and COTI bank accounts should be issued in January 2021.

As always, Stay COTI!

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COTI is a DAG-based Layer 1, specifically designed for Enterprises. COTI’s Protocol is scalable, fast, private, inclusive, low cost and is optimized for finance