Overcollateralized algorithmic stablecoin Djed, developed by COTI and based on Cardano blockchain, has entered into a new partnership with RealFi start-up Thrift. As part of the partnership, Djed will become the official stablecoin of all Thrift projects, including a peer-to-peer platform, wallet, fiat off-ramp solution and Thrift protocol.
We are happy to announce yet another Djed partnership, this time with @FinanceThrift, to integrate $DJED into their suite of user focused RealFi products.— COTI (@COTInetwork) July 26, 2022
Read more: https://t.co/JEoEBh6YeB$COTI pic.twitter.com/opeoHFHhQY
As a RealFi start-up, Thrift is also directly related to Cardano, or rather the ecosystem's parent company, Input Output. It was from the IOHK incubator that Thrift emerged, subsequently evolving into a full-fledged DeFi and RealFi infrastructure in its own right, with all of its products tied up in a noncustodial Thrift Wallet.
Commenting on the event, Josiah Odosu, founder of Thrift, noted that Djed fits perfectly into Thrift's infrastructure with its security, privacy and decentralization characteristics. The integration of the stablecoin into the start-up's products will ensure their reliability and help further the adoption of Cardano, especially in African countries, said Odosu.
Cardano's Africa campaign
The founder of Thrift mentioned Cardano adoption in Africa for a reason, as it is one of the top blockchain's priorities at the moment. As recently as last Sunday, we reported on the participation of Cardano-based accelerator Adaverse in an investment round in an African crypto gaming startup, which could increase Cardano's potential user base by another 100 million people.
It seems that IOHK and Charles Hoskinson have not stopped at just trips to the cradle of human civilization and are seriously counting on a big chunk of the African crypto market. Given the tough competition in the States and possible tightening of crypto regulation in Europe, Cardano's expansion into Africa seems like a pretty smart move.