Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum

On Nov. 2, 2022, the integer plus custody concern and fiscal services supplier Bitgo introduced a wrapped mentation of the meme coin plus dogecoin built connected apical of the Ethereum blockchain. The institution elaborate the wrapped dogecoin initiative, the Wdoge DAO, is done a concern betwixt the Dogecoin Foundation, Bluepepper, and Mydoge wallet.

Bitgo Introduces Wrapped Dogecoin Initiative

Almost 4 years agone successful January 2019, Bitgo launched the fashionable ERC20 token wrapped bitcoin (WBTC). WBTC is fundamentally a wrapped mentation of bitcoin built with the ERC20 modular connected apical of Ethereum and each WBTC is backed by bitcoin (BTC), astatine a 1:1 ratio.

Today, statistics amusement determination are 245,379 WBTC successful circulation, worthy astir $5.2 cardinal utilizing today’s speech rates. On Wednesday, Bitgo revealed the institution has built a akin inaugural for the fashionable meme coin plus dogecoin (DOGE).

The website wdoge.tech.

Wrapped dogecoin (WDOGE) tokens are besides backed by a 1:1 ratio with dogecoin (DOGE). The WDOGE token has its ain website that explains the project’s benefits, including utilizing WDOGE with decentralized concern (defi).

The website says “lend WDOGEs connected defi protocols utilizing your WDOGEs arsenic collateral” and “get a indebtedness successful defi protocols utilizing your WDOGEs arsenic collateral.” The website’s often asked questions (FAQ) conception explains that the developers volition “soon people a dashboard akin to WBTC’s dashbard” for impervious of assets.

Bitgo’s blog station says the institution volition besides connection 2 types of custody services and supply blistery wallets for WDOGE arsenic well. The WDOGE announcement follows dogecoin’s recent marketplace tear aft Elon Musk officially acquired the societal media level Twitter.

Dogecoin has managed to seizure the eighth-largest presumption successful presumption of marketplace capitalization size. Bitgo presently has a registration form for getting started with the wrapped dogecoin (WDOGE) project.

What bash you deliberation astir Bitgo introducing a wrapped dogecoin token? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.