What is AdaPay?
AdaPay is a new payment gateway that allows merchants to effortlessly accept payments in Cardano’s native cryptocurrency, ADA. Developed through a collaboration between the Cardano Foundation and fintech powerhouse Coti, this innovative solution promises near-instantaneous settlement in 35 different fiat currencies into directly linked bank accounts. Talk about convenience!
History and Development Timeline
This payment gateway isn’t just a flash in the pan. The heavyweights behind AdaPay first introduced the concept back on October 23, 2019. Fast-forward to November 27, 2023, and merchants can start integrating AdaPay into their websites with ease—either through a stylish AdaPay button or a QR code-based point of sale system. It’s like adding a sprinkle of crypto magic to traditional cash registers!
Real-Time Transactions with Coti’s Universal Payment Solution
AdaPay aims to empower merchants with a tool to handle real-time transactions in ADA. Leveraging Coti’s Universal Payment Solution (UPS), the payment gateway is designed to merge standard support systems of traditional payment processors with the added prowess of digital assets. So while your cash register may collect dust, your ADA payments will be seamlessly managed in a crypto-friendly world.
The Market Response: ADA Price Movement
Since the announcement of AdaPay, ADA has shown a slight increase in value—up around 0.2% in just 24 hours, trading at about $0.039. It’s enough to make even the staunchest skeptic raise an eyebrow. Whether you’re a crypto whale or a curious newbie, this uptick may encourage traders and merchants alike to consider ADA as a serious option for transactions.
Cryptocurrency Payment Gateways: A Growing Trend
AdaPay isn’t flying solo in the world of crypto payment gateways. Companies across the globe are jumping on the crypto bandwagon. For instance, Ingenico joined forces with Pundi X in mid-November to enable smartphone users to accept crypto payments. Not to be outdone, Bitcoin Suisse partnered with Worldline, planning to empower 85,000 Swiss merchants to accept Bitcoin payments. And let’s not forget Thailand’s Satang App, allowing over 50 million users to receive Zcoin through a Thai QR code system. It’s clear that crypto is no longer just a niche market—it’s becoming mainstream.
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