COTI is pleased to announce that we have partnered with Simplex, a fintech and cyber security company that aims to introduce merchants to a world without fraud
Simplex is an EU-licensed financial institution that enables users to buy crypto from exchanges using their credit cards in a fraud-free environment. Simplex processes credit card payments with a 100% guarantee; in case of a fraud chargeback, the merchant gets paid by Simplex. Simplex’s cutting-edge fraud prevention solution and AI technology blocks fraudulent users and allows legitimate users to complete payments with ease. This increases conversion rates and enables merchants to focus on their business growth.
As part of the partnership, Simplex is also considering adding COTI to its limited lineup of supported currencies that include BTC, ETH, and 5 others.
Binance and KuCoin, two top cryptocurrency exchanges, have already partnered with Simplex to process crypto purchases using credit cards. Creating such fiat gateways on crypto exchanges is what is needed to increase digital currency adoption and introduce crypto to more users.
Simplex will assist with COTI’s efforts of offering a holistic solution that empowers enterprises to build their own payment networks by providing users with a simple way to convert fiat to crypto. Through this integration, users will be able to purchase crypto using credit cards through a secure checkout page.
“Easy and fast credit card payments for mainstream users is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with COTI and together enable a much better, fast and easy payment experience,” said Nimrod Lehavi, co-founder and CEO of Simplex.
COTI CEO Shahaf Bar-Geffen commented:
“COTI’s Trustchain provides all the necessary features required for a perfect payment system. Scalability, simplicity, buyer-seller protections, cost effectiveness, price stability, instantaneity, and security all take center stage in our solution. Adding Simplex’ solution will significantly enhance Trustchain”.
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.
Based on advanced AI technology, Simplex’s automated system streamlines online payment processing while assessing risk with maximum speed and accuracy. Simplex integrates with online crypto exchanges to fulfill the credit card payment process. Hence, Simplex is responsible for risk analysis, processing payments with the credit card company and finalizing the transaction. Simplex is licensed as a payment institution in the EU and operates in accordance with the Payment Card Industry Data Security Standard (PCI DSS).