Cardano Foundation Releases AdaPay, ADA Surges 5% As A Result

The Cardano Foundation releases AdaPay along with COTI – as an initiative which allows merchants to accept ADA and receive fiat on their bank accounts. As announced in October, this collaboration adds ADA as a payment option for merchants using the COTIpay platform.

However, the cryptonews also show that AdaPay is a distinct offering as merchants who will integrate it will only be able to support ADA. As the Cardano Foundation releases AdaPay, the payments are expected to be settled “near-instantaneously” and can be converted to 35 fiat currencies for the merchant receiving them.

The joint collaboration between the Cardano Foundation and COTI was also wrapped up in a video which explains the payment procedure in detail.

Physical stores can also benefit from a point of sale system which is based on QR codes. The system will be native to COTI and its Universal Payment Solution platform. There will be some upcoming features such as lending products and prepaid debit cards made available for ADA merchants as well.

The announcement which describes how Cardano Foundation releases AdaPay was also discussed on the Cardano forum. Members of the forum shared their excitement about the near instantaneous payments and how they are even possible.

The Cardano coin news also show that the price of the ADA coin has surged as a result of this move. In a market which is showing reds and negative signs today, we can see major improvements from this altcoin and a potential for many new gains in the upcoming periods.

Prior to this, the chief of Cardano (ADA) Charles Hoskinson hosted a live Ask Me Anything (AMA) session on YouTube where he talked about a lot of things and answered questions from the public. One of the most interesting topics was him labelling the Stellar XLM burn of 4 million tokens as “insane” one, noting that he could not believe this is happening.

As Cardano Foundation releases AdaPay, it continues with its advancements year after year. The ADA token is popular as a result of this and besides being the only nice gainer on the day – is also a token with a growing capitalization. At press time, ADA is at the 11th position with a market cap of $1.06 billion.