The Bitgo financial services company and digital asset custody provider disclosed a wrapped version of dogecoin, a meme coin asset built on Ethereum, on Nov. 2, 2022.
Through a partnership between the Dogecoin Foundation, Bluepepper, and Mydoge wallet, the company launched the wrapped dogecoin initiative, the Wdoge DAO.
“GM! Doge + wDoge live soon! @elonmusk slide into these dms for your custody needs,” BitGo wrote on Twitter.
— BitGo (@BitGo) November 2, 2022
A Glimpse of Wdoge DAO
A few days ago, Bitgo announced they have developed an initiative similar to warepped Bitcoin (WBTC) for dogecoins.
Previously, the popular ERC20 token wrapped bitcoin (WBTC) was launched by Bitgo in January 2019, essentially a wrapper around bitcoin and backed by bitcoin (BTC), at a 1:1 ratio. It was built with the ERC20 standard on top of Ethereum.
Similarly, wrapped dogecoin (WDOGE) tokens feature a 1:1 ratio with dogecoin (DOGE) and have a website that describes the project’s benefits, along with the use of WDOGE with decentralized finance (DEFI).
“lend WDOGEs on defi protocols using your WDOGEs as collateral” and “get a loan in defi protocols using your WDOGEs as collateral,” cited the website.
Developers plan to publish a dashboard for proof of assets similar to WBTC’s dashboard in the website’s frequently asked questions (FAQ) section.
Bitgo Offering Two Types of Custody Services
It is also being reported on Bitgo’s blog that the company plans to offer two types of custody services along with hot wallets for WDOGE.
As news of WDOGE broke, dogecoin’s market was on a tear following Elon Musk’s acquisition of Twitter.
The wrapped dogecoin (WDOGE) project on Bitgo currently has a registration form for getting started. Dogecoin has captured the eighth-largest position in terms of market capitalization size.
At the time of writing the price of Dogecoin is changing hand for $0.109 according to CoinMarketCap.