• 15 June, 2024
News

COTI and Cardano to Facilitate NFT Payments Via Stablecoin DJED

Cardano, a leading blockchain platform, has announced a partnership with blockchain entity Yepple together with COTI, a fintech company specializing in payment infrastructure that issues DJED.

The partnership aims to facilitate the use of non-fungible tokens (NFTs) for payments through the use of DJED, a stablecoin developed by Cardano. NFTs, which are unique digital assets, have gained popularity in recent years due to their ability to represent ownership of a wide range of items, including art, music, and collectibles. However, one of the challenges in using NFTs for payments has been the volatility of cryptocurrencies, which are often used to facilitate these transactions.

Through this partnership, Cardano and COTI will enable merchants to accept NFTs as payment for goods and services, using DJED as the medium of exchange. DJED is a stablecoin, meaning it is pegged to the value of a specific asset, in this case Cardano’s ADA. This allows for the use of NFTs as a form of payment without the volatility associated with other cryptocurrencies.

Nicholas Pekete, CEO of Yepple, said, speaking on the partnership:

“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.”

The partnership is expected to enhance the use and adoption of NFTs in the mainstream economy, as it will provide a stable and reliable way for merchants to accept NFT payments. In order to broaden the use of djed, COTI has participated in a number of collaborative efforts. 

In a very short period of time, the business announced agreements with a number of other companies, including Trading Trent, Kirkstone, and Iagon, in July of the previous year.

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