AdaPay, a payment solution that will enable merchants to receive Cardano (ADA) altcoin as payments for their products and services has gone live, after its development by Cardano Foundation, the organization focused on accelerating the growth of the Cardano ecosystem, and COTI, an enterprise-grade fintech platform, according to a press release on November 28, 2019.
Cardano Foundation and COTI Team Up to Launch AdaPay
Per the press release, in an effort to promote broader adoption of Cardano (ADA) altcoin by making it easier for merchants to accept ADA payments, the Cardano Foundation and COTI have announced the launch of ADAPay.
Reportedly, merchants who receive ADA in exchange for their products and services can convert the crypto asset to any of the 35 supported fiat currencies and the selected currency will be paid directly to the merchant’s bank account in real-time.
Merchants interested in integrating Cardano (ADA) into their businesses are required to join the COTIpay platform.
Spend ADA Easily with ADAPay
What’s more, the team has hinted that asides AdaPay’s potential benefits to merchants, the payment solution will enable consumers to spend their ADA tokens conveniently.
In a YouTube video, the Cardano team revealed the simple steps that are involved when a holder of ADA wants to spend the virtual currency.
Per the video, a customer needs to visit the merchant’s website, choose the ‘Pay with ADA’ button, select ‘Pay’, and then make a transfer either using the merchant’s payment address or scanning a QR code.
Merchants can confirm or monitor the receipt of such payments from their dashboard along with other recent payments that were made.
The Cardano Advantage
At press time, Cardano (ADA) is the 11th-largest cryptocurrency by market cap and the asset is up today by 6.40%, as seen on TradingView.
However, Cardano’s (ADA) current price is a 2% decline from its value at the start of the year, and it is down by over 60% from its Year-to-Date high.
Despite the downtrend, prominent rating firm, Weiss, recently made a controversial statement that ADA is ” clearly superior” to EOS, the 7th largest cryptocurrency by market cap, and one of the top three dApp platforms.
On October 28, 2019, BTCManager informed that Cardano’s ADA-Earning Testnet will be launched this month.
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