Cardano-Backed Project Jumps Nearly 100% Ahead of Visa Card Rollout

Cardano-backed project Coti has seen the price of its native $COTI token jump nearly 100$ over the last 30 days ahead of the rollout of a Visa card after it teamed up with popular fintech firm Simplex.

According to CryptoPotato, Coti is launching a new service set to facilitate the bridge between fiat currencies and digital assets by allowing its clients to open a new account with an IBAN and through it order a COTI Visa debit card they can use to pay for goods and services.

The debit card would automatically convert crypto to fiat to be spent and would allow for cash withdrawals at ATMs in both SWIFT and SEPA regions, so users could top up their accounts with cryptocurrency and withdraw it as cash at ATMs, with the conversion occurring at the time of the withdrawal.

In the future, Coti is set to integrate other features including loyalty-based plans to its offering. The announcement has seen the price of the project’s $COTI token soar over 90% over the last 30 days according to TradingView data. Over the past three months, it’s up 350%.

At press time, COTI is trading at $0.61 after starting the year close to $0.05. The project received $500,000 from Cardano’s venture fund cFund earlier this year. cFund was launched in July with $20 million as a joint venture between Cardano builder IOHK and Los Angeles-based Wave Financial. Its goal is to help the Cardano ecosystem grow.

The token was listed on Coinbase late last month, in a move that significantly boosted its liquidity. Projects listed by Coinbase offer suffer from the so-called “Coinbase effect” and see the prices of their tokens temporarily surge.

As CryptoGlobe reported, Cardano founder Charles Hoskinson has revealed he believes the infrastructure on the cryptocurrency’s blockchain will be good enough to “run a nation-state” in the future as he sees Cardano offering a solution to many of the governance issues that affect the world today.

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