Coti crypto has the market buzzing after big announcement

Coti crypto, which stands for ‘currency of the internet’, made waves by announcing its native coins can be converted into euros, according to Kalkin Media

A new crypto coin has the market buzzing after a big announcement this week.

Coti crypto, which stands for ‘currency of the internet’, made waves by announcing its native coins can be converted into euros, according to Kalkin Media.

It means users can convert Coti to euros through a Coti bank account and also spend it through a debit card.

In the 24 hours following the announcement, Coti’s volume skyrocketed by over 500 per cent, and price of the coin was up nearly 30 per cent as of Thursday.

According to Coinbase, Coti is now valued at $0.38 and up more than 16 per cent in the past day.

It comes as Shiba Inu coin was down in value, as well as Bitcoin.

Shina Inu’s value was up 11 per cent over the past day, according to CoinBase. Bitcoin was up 3.5 per cent in the past day to $50670.86.

The Coti cryptocurrency has racked up interest from investors in recent months.

Coti is a blockchain platform with tools that let organisations build their own payment solution. For example, merchants can create branded stablecoins to boost checkout options for customers.

The platform also has its own token with the same name.

The Coti group first launched in 2017, with ‘Coti’ being an acronym for ‘currency of the internet’.

The price of Coti is currently sitting at $0.38, up 18 per cent in the past week and up 875 per cent in the past year.

It comes after it soared to its highest ever level on September 25, when it reached $0.6587. In comparison, it was worth just $0.04576 on January 1 this year.

In September, Coti’s value rocketed following news that Coti will issue a new stablecoin for the Cardano system, known as Djed.