As the broader cryptocurrency market recovery gathers steam, the price of Cardano (ADA) has increased by 45% over the past month and 7.7% over the past week. However, in addition to the general market rebound, the much-anticipated launch of the DJED stablecoin on the mainnet, which is planned for this month, also supports the bullish Cardano market sentiment.
Just before the debut, the well-known Singaporean cryptocurrency exchange Bitrue revealed plans to list the DJED stablecoin together with SHEN, its reserve coin. Before a user can receive Djed, more than 400% in collateral value must be provided. Djed will be backed by other tokens. By doing this, it will be possible to replace the volatile gas fees with a transaction cost that is consistent and predictable.
“As part of our effort to stake the ADA that is deposited to the Djed smart contract and generate extra rewards for SHEN holders, we are developing a snapshot mechanism and UI that will be added to djed.xyz, where SHEN holders will be able to track these extra rewards,” as reported by Coindesk, the developers said.
The ADA token, which is the native currency of Cardano, is being used to finance the Djed cryptocurrency. Users will be able to transfer ADA to the platform’s smart contract in order to earn Djed in return. As the preferred currency for covering transaction costs on the Cardano network, it aims to replace all other cryptocurrencies.
Through an official blog post on its website and a subsequent tweet from COTI Network, Bitrue announced its intentions to list DJED. In the near future, Bitrue intends to add support for DJED and SHEN staking, according to the blog announcement. SHEN is the reserve token to be used in preserving DJED’s peg to the dollar and is supported by Cardano.
In the meantime, COTI, the payments platform in charge of the stablecoin’s issuance, has made a number of 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.
The post Bittrex Charged For Violating Sanctions, US Treasury Agrees To Settle appeared first on Coinpedia Fintech News
The Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) of the United States Treasury Department reported on October 11 that they had settled charges with the crypto exchange Bittrex. The cryptocurrency exchange was charged with breaking sanctions and failing to establish appropriate sanctions compliance measures from March 2014 to December 2017.
The violations were caused by transactions from “individuals reportedly situated in the Crimea area of Ukraine, Iran, Sudan, Cuba, and Syria,” according to US Treasury regulators. U.S. officials state that the transactions added up to $263M worth of cryptocurrency transactions that were in violation of the country’s financial sanctions.