COTI to Release Bank Accounts and Visa Debit Cards

The digital fintech platform COTI has announced its latest products that will provide Visa debit cards and bank accounts to users. Its partner in the initiative is the financial institution Simplex.

COTI’s New Services

COTI (Currency Of The Internet) – a blockchain platform allowing organizations to build their own payment solutions – has expanded its product line. According to an announcement shared with CryptoPotato, it teamed up with the fintech firm Simplex to introduce Visa debit cards and bank accounts to customers.

The new services would help users to access the monetary ecosystem easier and would serve as a bridge between fiat currencies and digital assets.

Clients would be able to open a new bank account with an IBAN and order a COTI Visa debit card. On it, they could convert crypto to fiat for global spending. Cash withdrawal from ATMs, both in SWIFT and SEPA regions, as well as topping up the account with crypto assets would also be possible.

The debit card would be implemented into COTI Pay. The blockchain platform added that in the future, it would integrate other features and loyalty-based plans into the offering.


COTI revealed that it would roll out the cards on two rounds. It will send out 3,000 cards during the initial one, while 5,000 more will be available a month later.

The team behind the blockchain project assured it would distribute the solution to various regions around the globe. As of the moment, though, it applies only to EU and EEA residents.

COTI’s Other Partnerships

Recently, the enterprise-grade fintech platform announced another collaboration. This time with Cardano’s stablecoin hub, Ardana.

The alliance ensured crypto-to-fiat payments aimed at the Cardano community, in addition to consumers and merchants worldwide. Shahaf Bar-Geffen – COTI’s CEO – confirmed the move:

“Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operations.”

The news caught the attention of the crypto community. What’s more, COTI’s token price spiked by roughly 50%, hitting an all-time high (ATH) of $0.60. It tapped yet another record yesterday at $0.66 but has retraced now to approximately $0.62.


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DeFi and DEX volumes soar amid China’s crypto ban and ongoing US regulation

Last week China’s heavy-handed crackdown on crypto trading crypto briefly sent shockwaves across the market as Bitcoin and altcoin prices saw a sharp drop following the announcement, but as is the case with all things crypto-related, the market bounced back as resilient traders found other ways to participate in the market. 

Part of China’s goal in limiting citizens ability to trade cryptocurrency seems focused on discouraging the use of cryptocurrencies and the growing decentralized finance (DeFi) ecosystem but these maneuvers appear to be having the opposite effect as the token price and protocol activity for projects like Uniswap (UNI) and dYdX have seen an uptick since the crackdown began.

According to data from Chainalysis, there has been a significant amount of regional Bitcoin (BTC) flows happening within eastern Asia, as highlighted by the tall orange bar in the graph below. This suggests that crypto holders in the region have been shifting around their holdings in response to the regulatory crackdown.

Regional BTC flows. Source: Chainalysis

As stated by Chainalysis, “assets typically flow within a region, likely due to preferences for local exchanges, but flows between regions often occur as a result of regulatory concerns, geopolitical changes, or significant market price variations.”

The lack of flows out of Eastern Asia combined with crypto exchanges like Huobi and Binance suspending services for Chinese residents suggests that funds are being kept within the region, but not on centralized exchanges.

Related: Derivatives DEX dYdX beats out Coinbase’s spot markets by volume amid China FUD

Gains in the DeFi Ecosystem

At the same time that this increased movement within the Eastern Asian region was occurring, activity on decentralized exchanges like Uniswap and the decentralized derivatives exchange dYdX has been on the rise as traders in China seek out a safe haven for their crypto activities.

Uniswap trading volume vs. total revenue. Source: Token Terminal

DydX is a particularly helpful data point as it is now the most widely used decentralized derivatives exchange and has seen a spike in demand after regulators from around the world dropped the hammer on centralized exchanges with loose KYC policies that offer derivative services.

According to data from Token Terminal, dYdX is in the top-5 ranking for numerous categories over the past week, including the increase in token price, total protocol revenue, fees paid, the price to sales ratio and the price to earnings ratio. The exchange also rose to the top 6 in terms of increases in total value locked (TVL).

Total revenue vs. total value locked on dYdX. Source: Token Terminal

A closer look at the available data also shows that layer-two protocols and layer-one Ethereum (ETH) competitors have also seen some of the biggest gains over the past week, led by Avalanche-based protocols like Trader Joe and Pangolin, as well as the Fantom network.

Above all else, what the recent data shows is that the decentralized finance ecosystem is performing as it was originally intended to by providing an uncensorable way for crypto holders to transact outside of the control and purview of governments and financial regulators.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.