Upcoming stablecoin, Cardano DJED and its reserve coin SHEN will be listed on Bitrue, a well-known Singaporean exchange with branches in the United States and Europe.
The exchange intends to put DJED and SHEN on its platform as the first, and it will soon announce the official listing.
Bitrue’s long association with the Cardano network and community, as stated by the exchange in a formal blog release today, played a role in the decision.
Through its official Twitter account, COTI further highlighted the news and expressed gratitude for the choice, drawing attention to it.
Bitrue to Add Support for Cardano DJED and SHEN Staking Soon
Soon, Bitrue intends to add support for DJED and SHEN staking, according to the blog announcement.
DJED’s peg to the dollar will be supported by the reserve token SHEN, backed by Cardano (ADA).
This comprehensive endeavor will make it difficult for ADA supporters on Bitrue to migrate to other platforms.
This would be the most recent action in a string of actions Bitrue has taken to promote the Cardano community.
Bitrue declared ADA as one of its base currencies in February last year.
A few months later, the platform announced plans to assist the decentralization of the network by donating 1 million ADA to several Cardano staking pools.
DJED Launch Coming Soon
In the meantime, COTI, the payments platform in charge of the stablecoin’s issuance, has made several advances to guarantee the launch is a success, with the introduction of DJED anticipated on the mainnet this month.
The public testnet version of DJED v. 1.1.1 with Vasil compatibility was made available by COTI last month.
In one of its many attempts to make DJED more useful, COTI partnered with the Axo trading protocol last October to integrate the stablecoin into Axo’s digital asset trading platform.
In September 2022, Cogito Protocol teamed with COTI to add DJED to its treasury reserve, among other use cases.