The Cardano Foundation has launched a new crypto payment solution, AdaPay, for merchants. This move has made its native token, ADA, one of the best performing coins among the top 20 cryptocurrencies currently.

The foundation announced on Thursday that they have partnered with an enterprise-grade fintech platform, COTI, to developed solution which enables merchants to accept payments in ADA. It allows an almost-instant settlement into 35 fiat currencies directly into customer’s bank accounts.

ADA, the 12th largest coin by market capitalization, surged in price after the release of the news and was trading at $0.042, at press time. The coin’s price has risen during the past 24 hours and previous week by 8% and 12% respectively. It has however made a pull back of 3% from the previous month.

The development of this payment gateway was announced by the foundation at the later part of October. AdaPay can be inculcated directly on the merchant’s website either with an adaPay button or a QR-based point of sale (PoS) system.

The Cardano Foundation will also exploit COTI’s Universal Payment Solution, which provides other financial services like lending products and prepaid debts. It claims these services will also be made available to ADA customers.

Meanwhile, COTI has developed a demo store to illustrate how payment with ADA is done.

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