COTI announces another partnership to drive Cardano stablecoin adoption.
COTI, a DAG-based Layer 1 protocol specifically designed for enterprises, has announced another new partnership for Djed, the official stablecoin of Cardano.
We are happy to announce a new Djed partnership, this time with @empowa_io, a RealFi project built on the Cardano blockchain, to explore using Djed as a means of transferring funds to African building partners.
— COTI (@COTInetwork) October 3, 2022
According to a blog post today, Empowa, a RealFi blockchain project built on the Cardano network, is the latest firm to indicate interest in the stablecoin.
Following Empowa’s partnership with COTI, the company will add Djed as a payment method to facilitate funds transfer to local building partners.
Commenting on the development, Glen Jordan, Empowa CEO and Co-Founder, said:
“As a proud Cardano project, we are excited to see the ecosystem reach this significant milestone, the launch of a native stablecoin. We are eager to play our role in supporting broader adoption of the Djed stablecoin, especially across the African continent.”
It is noteworthy that Empowa makes it possible for local African developers to provide affordable lease-to-own alternatives for eco-homes to their clients.
Through this system, tenants can own homes at the end of their lease periods, an initiative that will make quality housing affordable for everyone. Empowa is one of the companies pushing for the widespread adoption of blockchain in Africa, emphasizing Cardano-related offerings.
Notably, adding Cardano’s Djed as a means of payment to transfer funds to local building partners will take Empowa a step further toward actualizing this goal.
“This partnership, along with some of the previous ones we have announced, will ensure the proper utilization of Djed across the entire Cardano ecosystem and create an increased use-case for it across multiple platforms,” COTI said in a statement.
Djed Edges Closer to Mainnet Launch
Cardano’s official stablecoin has been making significant progress since the project was announced last year. COTI has inked several partnerships with top Cardano projects for Djed’s adoption. The teams building Djed – COTI and Input Output Global (IOG) – have completed the hard task of the algorithmic stablecoin’s development and have pushed it for audit.
Currently, the team is waiting for the audit report to see if the stablecoin has any technical glitches. As stated last week, Djed will be launched on the Cardano mainnet soon if everything runs smoothly.