cryptonews.net
On November 2, 2022, Bitgo, a digital asset storage and financial services company, introduced a wrapped version of the Dogecoin memcoin, built on the Ethereum blockchain. The company detailed that the Dogecoin-related Wdoge DAO initiative is being carried out through a partnership between the Dogecoin Foundation, Bluepepper, and the Mydoge wallet.
Wrapped Dogecoin (WDOGE) tokens are backed at a 1:1 ratio with Dogecoin (DOGE). The WDOGE token has its own website that explains the benefits of the project, including the use of WDOGE with decentralized finance (DeFi). The website's Frequently Asked Questions (FAQ) section explains that the developers will soon publish a dashboard similar to WBTC’s dashboard for proof of assets.
Bitgo's blog post states that the company will also offer two types of storage services and provide hot wallets for WDOGE. Dogecoin managed to take eighth place in terms of market capitalization. Bitgo currently has a registration form to get started with the WDOGE project.
Image: TheStreet