Dear Cloud 2.0 Community,
As you will all be aware, the rollout of RibbonsSwipe was hampered by the situation which occurred with MakerDAO during the recent turmoil in the cryptocurrency sphere. Because our Cloud 2.0 ecosystem’s new stablecoin CTOX was pegged to MakerDAO’s DAI stablecoin, when MakerDAO experienced these difficulties we were forced to delay the complete rollout of RibbonsSwipe until such times as MakerDAO was able to stabilize their system, which was estimated to be quite a significant delay.
We are now however pleased to announce that the situation with MakerDAO has been fully resolved in a satisfactory manner and also much ahead of the anticipated schedule. This means that we are now able to re-peg our original CTOX stablecoin to MakerDAO’s new collateral, and so our plan of rolling out RibbonsSwipe will be able to re-start. This action has a two-fold advantage in that the functions of RibbonsSwipe are broader than that of RibbonsOTC, and it will also avoid the confusion of having two forms of CTOX being converted and held in the system by our members. This is a win-win situation all round.
Please stay tuned for more good news soon!
Cloud 2.0 Team