COTI, a leading enterprise-grade fintech company based on the Cardano network, has announced a partnership with cloud computing platform Iagon.
According to a Medium blog post, the partnership will enable Iagon to integrate $Djed stablecoin to its upcoming marketplace for decentralized computing resources.
The $Djed stablecoin is considered an integral component of the entire trading process that will be conducted on the decentralized computing resources marketplace.
“This collaboration will result in implementing Djed as a storage exchange payment means on Iagon’s shared storage economy platform,” COTI noted in an announcement today.
Commenting on the development, Dr. Navjit Dhaliwal, Iagon’s CEO, acknowledged the integral role $Djed can play in the company’s ecosystem.
The stablecoin’s low volatility makes it a reliable currency that can be used for making down payments, Dr. Dhaliwal noted.
“Our partnership with COTI is essential to our platform. $Djed will play a key role in our ecosystem because its low volatility makes it a reliable currency, perfect for down payments.”
$Djed’s Importance to the Cardano Ecosystem
$Djed is Cardano’s official stablecoin based on an algorithmic design. The stablecoin uses smart contracts to ensure it is free from wide volatility, and it will provide an instrument for decentralized finance (DeFi).
Aside from being used as a tool for decentralized finance transactions, $Djed will ultimately become the coin that Cardano enthusiasts will use to pay transaction fees on the network.
COTI Fostering $Djed Integration Across Various Platforms
In September 2021, Charles Hoskinson, the CEO of Input Output Global (IOG), the company responsible for Cardano’s research and development, chose COTI as the official issuer of the $COTI stablecoin.
Since the announcement was made, COTI has partnered with various firms to bolster the adoption and utilization of the stablecoin across multiple platforms.
In November 2021, COTI announced a partnership with Cardano-based decentralized exchange SundaeSwap, to integrate $Djed into the trading platform.
“We’re pleased to be able to team up with COTI, the issuer of Djed, to help ensure that SundaeSwap DEX users will have a reliable, widely-accepted stablecoin at their disposal for future crypto transactions on the exchange,” Mateen Motavaf, Chief Executive Officer of SundaeSwap, said.
In a similar development, TheCryptoBasic reported earlier this year that COTI also partnered with AdaSwap, in a bid to explore ways that $Djed stablecoin can be added to AdaSwap DEX.