Cardano launches AdaPay, supporting up to 35 fiat currencies.

Cardano (ADA) is currently the twelfth largest cryptocurrency by market capitalization, and its parent company, the Cardano Foundation, recently announced the launch of the payment application AdaPay.

The company announced on its official website on November 27th that the payment solution was jointly developed by the Cardano Foundation and the fintech platform Coti. Users can make payments directly with the ADA token, supporting real-time settlement in 35 fiat currencies to users' bank accounts.

AdaPay was first announced in October 2019

The ADA Foundation and Coti first announced their ADA payment solution in October. According to reports, the payment solution can now be integrated directly into shopping websites through AdaPay's one-click payment or QR code-based POS system.

In order to enable merchants to manage real-time transactions in ADA, the solution utilizes Coti's Universal Payment Solution (UPS) and further expands the practical applications of tokens. This move is expected to create a new combination of existing traditional payment systems with digital assets.

Shahaf Bar-Geffen, CEO of COTI, commented on the collaboration:

We are excited to collaborate with the Cardano Foundation to create a unique payment solution for merchants seeking AdaPay settlement functionality. The mutual trust and support between Cardano and COTI are important to us. This effort marks the first step of COTI technology expanding beyond our own ecosystem. The way people exchange value is getting better, and the future of payments looks more promising.

Following this positive news release, ADA has risen by approximately 6.9% in the past 24 hours, with the current price at $0.041.

Expansion of Cryptocurrency Payment Applications

Currently, many financial companies worldwide are developing cryptocurrency payment applications. In mid-November, French payment company Ingenico partnered with the Singapore-based cryptocurrency startup Pundi X, enabling its customers to receive and make payments in cryptocurrencies using smartphones.

On November 8th, Swiss cryptocurrency broker Bitcoin Suisse collaborated with European payment and transaction service provider Worldline to enable 85,000 Swiss merchants to accept Bitcoin payments.

This year, the Thailand-based Satang App allowed over 50 million users to receive Zcoin, a privacy-focused cryptocurrency, via QR codes.

Further Reading

• Research: Major exchanges hold only 7% of Ethereum's circulation
• KPGM launches DLT supply chain tool in Australia and Japan

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