COTI Announces New Debit Card & Bank Account Service That Allows Users to Spend Crypto

COTI, an enterprise-grade fintech platform that allows companies to build their own digital payment network to save time and money. The enterprise-grade fintech platform recently announced the launch of its physical as well as digital debit card in association with Simplex, as the card issuer.

Nimrod Lehavi, CEO of Simplex commented on their association with COTI and their common aim of expanding crypto adoption. He said,

“Simplex is driven by the underlying mission of accelerating crypto adoption, and a large element of mass adoption is enabling the accessibility of crypto earnings. We’re excited to partner with COTI to enable their thousands of users to make use of their funds throughout the world”.

Coti also announced that they would be working with a number of global card networks to allow its users to spend crypto at maximum number of merchants.

Apart from the debit card, COTI also announced that they would be offering bank account services to its customers. This bank account would be directly available via the COTI Pay app, this would allow users to hold fiat currencies as well in case there are no crypto-accepting merchants available.

COTI Bank Account Would Allow Direct Fiat to Crypto Conversion

COTI aims to build a digital financial infrastructure that would allow for a seamless transition between fiat and crypto and the recent announcements seem to be directed towards that goal. The new bank account service would not only help users to connect to any other bank in the world, but it would also allow for direct fiat to crypto conversion and vice versa from within the COTI Pay app.

The COTI bank account service would be launched first followed by the debit card launch. The debit card would be available all over the world starting from Europe. The new debit card would only operate on Fiat balance and would access any fiat available in the COTI Pay app.

The virtual debit card has a top-up option that accepts bitcoin, ethereum, UDT, and Fiat. The card would convert the value of the deposited currency in fiat in real-time and add it to the user’s bank account.