Cardano Dives Into Crypto Payments, ADA Price Rallies
The Cardano Foundation launched a new crypto payment solution, AdaPay, aimed at merchants, making ADA, the native token of the Cardano platform, one the best performing coins among the TOP 20 digital assets today.
The solution, developed together with COTI, an enterprise-grade fintech platform, “allows merchants to accept payments in ADA with a near-instant settlement into 35 fiat currencies directly into their bank accounts,” the foundation announced on Thursday.
ADA, ranked 11th by market capitalization, rallied after the news and at pixel time (07:13 UTC) trades at c. USD 0.042. The the price is up by 8% in the past 24 hours and by 12% in the past week. It’s still down by 3% in the past month and is unchanged in the past 12 months.
ADA price chart:
The foundation announced the development of the payment gateway in the end of October this year.
The solution can be integrated directly into merchant’s website either with an adaPay button or a QR-based point of sale (PoS) system.
The Cardano Foundation leverages COTI’s Universal Payment Solution, which is extended to provide other financial services, such as lending products and prepaid debit cards.
“These will also be made available to ADA merchants,” according to the Foundation.
In the meantime, COTI has created a demo store in order to demonstrate how payment with ADA works.
In a recent opinion piece, Martin D. Weiss, founder of Weiss Ratings, and Juan Villaverde, co-author of the Weiss cryptocurrency ratings, argued that ADA is among “true cryptocurrencies.”
“They include Bitcoin, Ethereum, Cardano, EOS and others — digital money, which could someday function like dollars, euros or yen, but with much more transparency, efficiency and monetary discipline,” they said.
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Learn more: Now That Bitcoin ‘is Digital Gold,’ Which Crypto is For Payments?
