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On Nov. 2, 2022, the digital asset custody business and financial services provider Bitgo introduced a wrapped version of the meme coin asset dogecoin built on top of the Ethereum blockchain. The company detailed the wrapped dogecoin initiative, the Wdoge DAO, is through a partnership between the Dogecoin Foundation, Bluepepper, and Mydoge wallet.
Bitgo Introduces Wrapped Dogecoin Initiative
Almost four years ago in January 2019, Bitgo launched the popular ERC20 token wrapped bitcoin (WBTC). WBTC is essentially a wrapped version of bitcoin built with the ERC20 standard on top of Ethereum and every WBTC is backed by bitcoin (BTC), at a 1:1 ratio.
Today, statistics show there are 245,379 WBTC in circulation, worth roughly $5.2 billion using today’s exchange rates. On Wednesday, Bitgo revealed the company has built a similar initiative for the popular meme coin asset dogecoin (DOGE).
Wrapped dogecoin (WDOGE) tokens are also backed by a 1:1 ratio with dogecoin (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 has managed to capture the eighth-largest position in terms of market capitalization size. Bitgo currently has a registration form for getting started with the wrapped dogecoin (WDOGE) project.
What do you think about Bitgo introducing a wrapped dogecoin token? Let us know what you think about this subject in the comments section below.
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