COTI, the official Djed issuer, Cardano’s new stablecoin, has announced another collaboration for the algorithmic stablecoin, Djed.
According to the medium post released today by COTI, Cogito Protocol is the latest firm to indicate interest in Cardano’s Djed.
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“We are pleased to announce another Djed partnership, this time with Cogito Protocol, a spin-off from SingularityNET, a multichain, decentralized AI platform,” COTI said in an announcement. Essence Of The Partnership
As stated in the announcement, Cogito Protocol will explore the certainty of launching stablecoin trading pairs between Cardano’s Djed and its tracercoins, a new class of digital currencies.
Much more, it will be adding to its treasury reserve in a bid to prevent the value of Cogito’s stablecoins from fluctuating.
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Regarding this development, Cogito’s CEO, Cloris Chen said; “We have been following Djed’s development for a long time. This partnership showcases the collaborative and inclusive nature of Cardanoland, and together,” COTI, Official Issuer Of Cardano’s Stablecoin
It is worth noting that the since the acceptance of COTI as the official issuer of Cardano’s stablecoin, Djed, it has collaborated with various leading companies to foster the widespread adoption of the stablecoin.
The companies that have already joined in the partnership include Wingriders, Trading Trent, Kirkstone, Iagon, Thrift, Astarter, and Cardano Warriors.
COTI noted; “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 noted.
Sooraj once stated:
“Djed is the
1st stablecoin protocol for which stability claims are precisely & mathematically stated, proven & formally verified. Djed’s governing algorithm behaves like an autonomous Bank that buys and sells stablecoins for a price in a range that is pegged to a target price.”