Today we will introduce one of COTI’s latest merchants: SimplyWallet.io
We have been working with merchants to help process both Cryptocurrencies and Credit Cards, putting all transactions on the Trustchain. SimplyWallet is a new wallet, powered by a group we have been working with over the past and on other brands, and serves as a good example where COTI is doing both Credit Card processing and Cryptocurrencies processing.
As you know, COTI’s policy is to not disclose Merchant’s names very often, in order to keep our competitive edge. We operate in a lucrative business and everyone would like to take a piece of it. Serious companies never give trade secrets that easily.
With that said, and as we fortify our position with some of our merchants, we feel more and more confident to share some names.
So, without further ado, here is SimplyWallet:
Simply Wallet is a Bitcoin wallet that allows you to buy, hold, and sell your Bitcoin.
The wallet is fairly new but has already seen very nice traction, growing 50% a month in terms of processing revenue, for the first 3 months.
The audience for the wallet is normally Cryptocurrencies first comers, mostly from Europe. It serves as a gateway as it’s a custodian wallet with a simple user interface and with built-in credit card processing, all powered by COTI.
COTI is offering Simply Wallet with a white-labeled payment infrastructure so that users that have no experience with cryptocurrencies will be able to use it with ease.
Simply Wallet is processing an average of $150K/month these days with COTI and transactions are mirrored to the Trustchain allowing the merchant instant settlement and increased transparency.
Advantages for the merchant?
- All-in-one package: credit card processing and cryptocurrencies processing
- Simple user interface
- Instant settlement
Business model?
- Merchants pay a processing fee for each purchase, whether through Credit Card or cryptocurrencies
- Merchants pay a network fee for using the Trustchain.
Benefits for COTI holders
- All fees are paid with COTI coins, growing the demand in the open market for COTI’s native coin.
- All transactions are mirrored to the Trustchain, generating extra fees for stakers and node operators.
Clyde Wolpe, SimplyWallet:
“We’d like to thank COTI for powering our wallet with the Trustchain technology and credit card processing. We have been scouting the market for a while in order to find the best technology for our needs and we are amazed by COTI’s offering. In fact, COTI was the only company out there to offer us an all-in-one solution and at a very competitive price. We look forward to grow our business with COTI”
Shahaf Bar-Geffen, COTI:
“As our processing revenue is peaking every month, making our community and coin stronger and more useful than ever, we’ll be sharing more and more of how COTI is solving real world problems for merchants. We’re happy to work with SimplyWallet and the group that is powering it. Doing both credit card processing and cryptocurrency processing, allows us to instantly settle transactions that used to take days and weeks to settle. That gives our merchants a huge advantage, especially in times in our world where cash flow is so important”
Stay COTI!
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Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
