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HomeCrypto NewsMarketCOTI Partners With WingRiders to Drive Adoption For Cardano Stablecoin Djed

COTI Partners With WingRiders to Drive Adoption For Cardano Stablecoin Djed


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Blockchain Payment Solution  COTI Partners With WingRiders to Drive Adoption For Cardano Stablecoin.

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Popular blockchain payment solution and stablecoin issuer COTI announced Wednesday that it has entered into a partnership with WingRiders, an Automated Market Maker (AMM) decentralized exchange, to explore Djed integration opportunities on Cardano. 

For clarity, Djed is an over-collateralized algorithmic stablecoin backed by ADA, the governance and utility token that powers the activities of the Cardano blockchain and uses SHEN as a reserve asset. The partnership seeks to explore Djed integration opportunities across the Cardano ecosystem. 

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According to the official announcement, the deal aims to promote proper utilization of Djed by including the asset on the WingRiders platform, which aims to be an infrastructure element on Cardano with easy integration into any decentralized applications (dApp). 

“We have been watching Djed’s development for a while, and it is great to see the first algorithmic stablecoin launch on Cardano. It has an interesting pegging mechanism using Shen, its reserve currency, which serves to provide price stability by guaranteeing the collateralization rate and the stablecoin’s peg,” said Kaaran Kalantari, a spokesperson for WingRiders.

Meanwhile, this is not the first time COTI has entered into agreements to promote DJed. In July, the blockchain payment solution signed a new partnership with Thrift, a platform that provides a suite of products for dApps to incorporate the token into their platform.

That same month, COTI inked another deal with Astarter, a decentralized finance (DeFi) infrastructure hub based in Cardano. The partnership aims to “bring the native Cardano stablecoin pairs for highly liquid asset trading on the Astarter DEX.”

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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