On Thursday (May 19), FinTech startup COTI Group announced that London-based charity Track Academy has “integrated ADA Pay into their website which will allow them to accept donations in $ADA.”
The Track Academy family “comprises former international athletes and coaches, mentors, teachers, business professionals and a number of highly motivated and passionate volunteers.” It “helps disadvantaged young people in London realise they are more than the circumstances they are born into, by supporting them to fulfil their true potential and develop as positive members of their community.”
In a blog post published on May 19, COTI, which is best known for its algorithmic stablecoin Djed (which is built on Cardano), reminded readers that “the fees generated from ADA Pay transactions will be converted to $COTI and distributed into the Treasury as user rewards.”
Track Academy Founder Connie Henry had this to say:
“Track Academy would like to thank COTI for the incredible support they’ve given us in setting up and integrating their platform to enable us to receive ADA Pay donations. The team has shown incredible patience and attention to detail, and has never been flustered by our novice approach to accepting this form of payment. It’s not always easy entering the world of cryptocurrency but the COTI team has been with us every step of the way.“
As for the COTI, it said:
“We are pleased to be able to provide the core components necessary to power such an important and socially responsible use case for the Cardano ecosystem, and we look forward to welcoming more organizations and merchants to the COTI ecosystem.“
On 29 April 2021, Cardano Foundation welcomed COTI as “a payment gateway provider for the Cardano ecosystem.” Its press release went on to say:
“COTI will provide a simple and easy to integrate payment gateway, called ADA Pay, for organizations, merchants, and charities looking to directly accept and manage ada payments and donations.
“The first ADA Pay integration for the Cardano ecosystem will facilitate ada payments from ada holders to international non-profit organization (NPO), Save the Children. As unveiled at IOHK’s Africa Show, Save the Children will utilize the ada they raise through the Cardano community using COTI’s payment gateway for their mission in Rwanda.“
Frederik Gregaard, CEO at the Cardano Foundation, said this back then:
“This represents the first time that ada holders can donate directly to a charity using ada, facilitated by a payment gateway provider. It provides easy tools for NPOs looking to accept ada as a donation, but who lack the technical expertise or time to manage and maintain their own cryptocurrency wallet. We are excited to see our community’s response to COTI’s first payment gateway with Save the Children, and we are certain that long-term deeply positive social impacts will emerge from this solution.”
And COTI CEO Shahaf Bar-Geffen said:
“We are pleased to be able to provide the core components necessary to power such an important and socially responsible use case for the Cardano ecosystem. This first integration with Save the Children is a blueprint of how COTI’s payment gateway will make it simple to accept ada as a charitable organization, and we look forward to welcoming more organizations and merchants to the COTI ecosystem.”
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