HomeCrypto NewsNew COTI Partnership to Enable NFT Payments with Cardano Stablecoin DJED

New COTI Partnership to Enable NFT Payments with Cardano Stablecoin DJED

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The launch of the stablecoin on Cardano’s mainnet is expected to occur this month.

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COTI, a blockchain payment platform and the official issuer of Cardano’s algorithmic stablecoin Djed has inked a partnership with blockchain entity Yepple, which will facilitate NFT payments on Cardano using Djed. Yepple is a Florida-based firm that provides blockchain services, including dApp development and NFT payment gateways.

The recent partnership will help NFT creators to hedge against the fluctuation of ADA’s price, COTI disclosed in an announcement on Thursday. This is because creators will get an option to receive payments in Djed by listing their projects with a Djed price tag instead of ADA. COTI also echoed the development through its official Twitter handle.

COTI noted that the team’s latest partnership is another effort to ensure that the upcoming Djed stablecoin provides material utility for users of the Cardano blockchain. Considering the impressive growth of the NFT scene on Cardano, the collaboration with Yepple will prove helpful to the increasing number of creators on the network. 

JPG Store, the largest NFT marketplace on Cardano, has processed 8.1M transactions since inception, the highest for any Cardano dApp. This underscores the increased adoption of NFTs on Cardano and is further evidence of the significance of COTI’s partnership with Yepple.

“We cannot wait to implement DJED into our NFT payment gateway. Once we’ve done so, we will certainly implement it into our other custom solutions,” Nicholas Pekete, CEO of Yepple, said, speaking on the partnership.

Djed Developments and Partnerships 

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The recent collaboration is the latest in a long line of Djed partnerships established by COTI. In July of last year, COTI disclosed that it had partnered with five more companies to drive Djed adoption in the space of a month. Some of the entities include Trading Trent, Kirkstone, and Iagon.

Less than a month after the announcement, COTI revealed that it had formed a Djed partnership with WingRider, a Cardano-based market maker. In September of last year, COTI announced another partnership similar to the Yepple collaboration. The partnership would see Cardano Warriors, a multiplayer role-playing game on Cardano, integrate Djed payments for its NFTs.

Amid these partnerships, COTI has been pushing developments toward the eventual launch of the stablecoin. On December 5, 2022, the blockchain entity announced the launch of the Djed testnet version 1.1.1 with Vasil compatibility enabled. This came a month after COTI revealed that developers would launch the stablecoin on the Cardano mainnet in January this year.

In November of 2022, the firm disclosed the model for maintaining the peg of the algorithmic stablecoin, which involved mint and burn exercises involving DJED and SHEN.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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