Cardano Launches Payment Gateway for Merchants

The Cardano Foundation has launched a new cryptographic payment gateway, AdaPay, for merchants. ADA is the native token of the Cardano platform which is one of the most performing coins of the top 20 digital assets today.

29 November, 2019 | AtoZ Markets – The payment solution is developed by the Cardano Foundation and enterprise-grade Fintech platform Coti. " It allows merchants to accept ADA payments with instant settlement in 35 currencies fiat directly into their bank accounts," the Cardano Foundation said on Thursday.

Cardano Payment Gateway AdaPay

ADA coin holds the 11th position in the list of cryptocurrencies according to market capitalization. However, it rallied after the announcement and is trading at around $ 0.042 (07:13 UTC) at the press time. The price has gone up 8% in the last 24 hours and 12% last week. But it is still down 3% in the previous month and has remained unchanged over the last 12 months.

Cardano price chart:

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The Foundation announced the development of the payment gateway at the end of October this year. Also, the solution can integrate directly into the merchant's website using an adaPay button or a QR-based point-of-sale (PoS) system.

The Cardano Foundation leverages COTI's universal payment solution, which extends to other financial services, such as loan products and prepaid debit cards. "These will also be available to ADA traders," according to the Foundation. In the meantime, COTI has created a demo store to demonstrate how payment works with ADA.

Martin D. Weiss is the founder of Weiss Ratings, and Juan Villaverde is the co-author of Weiss's cryptocurrency notations. In a recent opinion, they said that ADA is one of the "true cryptocurrencies." One day, Bitcoin, Ethereum, Cardano, and others the digital currency could also be like dollar, euro, or yen, with much more transparency, efficiency, and monetary discipline.

Read More: GBPUSD Fundamental Analysis Ahead of Brexit and YouGov Survey

Other Crypto Based Gateways

Several companies around the world have developed gateways that allow traders to receive cryptocurrency payments. In mid-November, French payment company Ingenico teamed up with Pundi X, a Singapore-based crypto startup, to allow customers to receive crypto payments with smartphones.

On 8 November, the swiss crypto broker Bitcoin Suisse joined forces with Worldline. Worldline is a European services provider of payment and transaction. Both companies joined forces to enable 85,000 Swiss merchants' payments in Bitcoin (BTC).

Earlier this year, the Thailand-based Satang App enables its users to receive Zcoin (privacy-based cryptocurrency) via the Thai QR code system.

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