Today we are ticking off another milestone on our roadmap by releasing the first iteration of the COTI Payment Gateway. This initial release allows merchants to accept Bitcoin easily and directly via their websites and forms the first piece of our all-encompassing payment solution, the COTI Universal Payment Solution.
Future releases of the COTI Payment Gateway will include support for Credit Cards, ETH, USDT, USDC and other popular cryptocurrencies (more to be announced on these VERY soon).
The COTI Payment Gateway solution includes a “Pay with Crypto” button that is integrated via an easy to install the widget into the merchant’s website checkout page. Merchants are able to track and manage their crypto payments via access to their COTI Pay Business Merchant CRM.
Merchants will receive payment in the sending currency via default (in this case Bitcoin), however via the Merchant CRM they can choose to convert the transaction to a stable coin or directly to one of 35 fiat currencies by adding in their bank account details.
In the initial versions of the COTI Payment Gateway, all payments made via specific cryptocurrencies happen on each coin's actual chain, however, transactions are also mirrored on COTI’s Trustchain for future use on the COTI Universal Payment Solution and Global Trust System.
In future versions of the COTI Payment Gateway, settlement will be instantaneous and not rely on any individual coins chain, as COTI-X, COTI’s internal settlement layer, will process the transaction on the Trustchain and instantly process both the transaction for the consumer, while setting the payment to the merchants account in the coin or fiat of their choice.
This will allow a consumer to pay in Bitcoin without waiting for the confirmation times of the Bitcoin network and the merchant to instantly receive Bitcoin in their merchant account.
To see our Crypto Payment Gateway in action, we’ve created a demo COTI store where you can purchase a personalised COTI image for $0.50c. Become an exclusive member of the COTI Club while seeing exactly how our Crypto Payment Gateway will work by trying it out yourself. How you see it on our demo store is exactly how it will work for our merchants, the first of which is set to go live in the very near future.
Interested merchants to benefit from our solution are invited to fill in their details here.
Stay tuned as other exciting announcements will be following by the end of the month as we work towards adding support for Cardano (Pay with ADA) to our Payment Gateway!
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf