Monday, December 5, 2022
HomeCrypto NewsMarketBinance Pay Adds Support for Cardano Stablecoin Issuer COTI

Binance Pay Adds Support for Cardano Stablecoin Issuer COTI

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Binance Pay users can now send, receive, and make payments using COTI. 


Binance Pay, a cryptocurrency payment solution designed by Binance, has added support for COTI. The announcement was made today by COTI Network, a DAG-based Layer 1 platform. With Binance adding support for COTI, users of Binance Pay can now send, receive, and make payments using the popular cryptocurrency.

“We are happy to announce that Binance Pay now supports COTI to enable borderless crypto payments! This will allow millions of Binance users to send, receive and make payments in COTI,” COTI said in a statement.

The announcement had a slight impact on the price of COTI. According to Coingecko data, moments after the announcement was made, the price of COTI spiked 4%. At press time, COTI is changing hands around $0.106.

Widespread Adoption of Binance Pay

Investors see the integration of COTI into the Binance Pay platform as a positive development for the cryptocurrency. Binance Pay has enjoyed widespread adoption from various businesses across the world.

TheCryptoBasic reported last month that a top Ukrainian supermarket partnered with Binance to accept cryptocurrency payments through Binance Pay. Similarly, a top Dubai-based retail conglomerate, Majid Al Futtaim, inked a partnership deal with Binance earlier this year to enable 29 shopping malls and 13 hotels to accept payments in cryptos.

Other major companies partnered with Binance to use the service include Travala.com, ShopDutyFree, Shopping.io, Egycards, Alchemy Pay, etc.

Binance Pay supports over 50 cryptocurrencies, such as ADA, BNB, BTC, DOGE, DOT, ETH, LINK, LTC, MANA, MATIC, NEO, TRX, TUSD, UNI, USDC, etc. 

Adding COTI to the Binance Pay list of supported cryptocurrencies will increase the coin’s adoption for payment purposes. Aside from using COTI for payments, users of Binance Pay can also send crypto assets to their loved ones.

COTI’s Prowess in the Financial Space  

COTI Network is a DAG-based Layer-1 network specifically designed for enterprises. COTI has been developing useful solutions to contribute positively to the global financial system. Its efforts in the financial sector have not gone unnoticed.

The company was chosen by the IOG to become the official issuer of Cardano stablecoin, Djed. Since the announcement was made, COTI has collaborated with top companies to foster the adoption of Djed.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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