COTI joins forces with Blue Cellular to develop a solution for the unbanked population in South Africa
COTI, an enterprise-grade Fintech platform, is proud to announce its collaboration with Blue Cellular, a leading telecom company based in South Africa.
COTI will be building a payment solution for the unbanked population in South Africa through the issuance of the Blue Rand currency in cooperation with Blue Cellular, a leading telecoms distribution specialist in South Africa. This will enable users without access to a bank account to digitize their cash, transfer funds to friends and family, and use their digital money at various retailers across South Africa
Unbanked users wishing to digitize their cash will be able to open an online account with Blue Cellular. Cash can then be deposited at a local kiosk to receive the equivalent amount in Blue Rand, a stable coin pegged to the South African Rand.
COTI supports both fiat- and crypto-collateralized stable coins that may be customized per user requirements. Blockchain-collateralized stable coins are issued and secured using on-chain smart contracts. A decentralized council will oversee all compliance and maintain absolute transparency for asset-collateralized stable coins. By solving the shortcomings of previous blockchains, COTI’s Trustchain technology will be utilized by Blue Cellular to meet their requirements for a price stable coin that is cost-effective, extremely fast, scalable, simple to use and secure.
COTI CEO Shahaf Bar-Geffen commented:
“The unbanked population around the globe without access to traditional financial services numbers in the billions. We are pleased to partner with Blue Cellular in a joint effort of opening up more payment options for disadvantaged populations in the African continent.”
COTI is an enterprise-grade Fintech platform that eliminates all intermediaries and empowers organizations to build their own private payment solution and digitize any currency using its proprietary Trustchain protocol.
COTI provides functionality as robust as Paypal and Alipay while enabling enterprises to create their own unique rules and finally own their payment system to save time and money and regain control over their data. COTI’s platform enables companies to effortlessly create advanced Fintech products ranging from payment networks to stable coins, loyalty programs and more.
COTI’s 30+ people team is built from highly experienced individuals, who previously held positions at IBM (former head of research), Ripple (former CRO), Blackrock (former CIO), Investec bank (former CEO), as well as cryptographers from Israeli elite army intelligence units.
About Blue Cellular:
Blue Cellular is a leading independent cellular distributor focused on rural areas across Africa. With 20 years in the telecom industry, Blue Cellular has become a specialized distributor of SIM Cards, hand sets and telecom services for major international mobile telecommunication companies, such as Vodacom, MTN and Cell C.
Blue Cellular assists these networks with driving customer acquisition and retention in South Africa and neighboring African countries. With Blue Cellular’s national and cross border footprint of dedicated resources, it is able to provide detailed analytics on its subscriber base of over five million users.