We are happy to announce that we have taken the first step in Defi over Cardano, by partnering with Ardana, to bring stablecoin crypto-to-fiat payments to the Cardano community, as well as consumers & merchants worldwide.
Ardana will bring decentralized stablecoin payments to AdaPay, meaning that users will be able to purchase goods using their stablecoins wherever AdaPay is accepted. Merchants & consumers worldwide will enjoy the benefits of being able to directly do business using a stable & decentralized form of currency, easing the possible complexity of using volatile assets as a direct or intermediary form of payment.
Shahaf Bar-Geffen, CEO of COTI stated:
“Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the remarkable team of Ardana to bring new Cardano Native Assets to ADA Pay and scale up our operation.”
Ryan Matovu, Founder of Ardana, stated:
“Both COTI & Cardano have a value proposition that is immediately applicable to each of our day-to-day lives, no matter where we may be. When it comes to e-commerce, it is within our vision to have our stablecoin being able to participate in all walks of life- from yield farming on-chain, to financing actual farming off-chain”
Ardana is Cardano’s stablecoin hub which will bring the necessary DeFi primitives needed to bootstrap & maintain any economy to Cardano. Ardana offers an on-chain asset-backed stablecoin and a decentralized stable-asset DEX. The stablecoin is verifiably backed by an excess of on-chain collateral and will enable borrowers to take leverage on their ADA or other supported assets. The DEX is a highly capital efficient exchange enabling swaps with minimal slippage & fees while providing low-risk yield opportunities to liquidity providers.
Read Ardana’s full announcement here: https://medium.com/ardana-hub/ardana-is-partnering-with-coti-1447879e83f1
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Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf