Bitgo, an online asset custody firm and financial services provider, launched a wrapped version the meme coin asset dogecoin on the Ethereum blockchain. Wdoge, the wrap dogecoin, was presented by Bitgo. It is a joint venture between Bluepepper, Dogecoin Foundation and Mydoge wallet.
Bitgo Introduces Wrapped Dogecoin Initiative
Bitgo’s popular ERC20 token wrapped Bitcoin (WBTC) was launched almost four years ago. WBTC can be described as a wrapped version bitcoin that has been built on Ethereum using the ERC20 standard. Each WBTC comes with bitcoin (BTC) backing it in a 1:1 ratio.
Today, statistics show there are 245,379 WBTC in circulation, worth roughly $5.2 billion using today’s exchange rates. Bitgo announced Wednesday that Bitgo has created a similar project for dogecoin, a popular meme coin asset.
Also, wrapped dogecoin tokens (WDOGE), are backed 1:1 with DOGE. The WDOGE token has its own website that explains the project’s benefits, including utilizing WDOGE with decentralized finance (defi).
The website says “lend WDOGEs on defi protocols using your WDOGEs as collateral” and “get a loan in defi protocols using your WDOGEs as collateral.” The website’s frequently asked questions (FAQ) section explains that the developers will “soon publish a dashboard similar to WBTC’s dashbard” for proof of assets.
Bitgo’s blog post says the company will also offer two types of custody services and provide hot wallets for WDOGE as well. The WDOGE announcement follows dogecoin’s recent market tear after Elon Musk officially acquired the social media platform Twitter.
Dogecoin holds the eighth largest market capitalization position. Bitgo has an application form to get started on the Wrapped Dogecoin (WDOGE), project.
How do you feel about Bitgo’s proposed wrap-around dogecoin token. Comment below and let us know how you feel about the subject.
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