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21Shares has teamed up with the House of Doge to launch the first Dogecoin ETP, backed by the Dogecoin Foundation, on SIX Swiss Exchange.
Crypto exchange-traded products platform 21Shares has announced a partnership with the House of Doge to launch the first Dogecoin ETP ($DOGE) endorsed by the Dogecoin Foundation. In a press release on Wednesday, 21Shares said that the physically-backed product will be listed on SIX Swiss Exchange under the ticker $DOGE.
21Shares president Duncan Moir says the product provides investors with the “most direct and accessible way to gain exposure to the Dogecoin ecosystem,” adding that $DOGE has become “more than a cryptocurrency” as it represents a “cultural and financial movement that continues to drive mainstream adoption.”
“Dogecoin was created to be a fun, accessible form of peer-to-peer money, and over the years, it has demonstrated real-world utility in payments, tipping, and charitable giving. For Dogecoin to reach its full potential as a global currency, institutional support and corporate partnerships are essential.”
Jens Wiechers, advisory board member at House of Doge
The product launch follows the U.S. Securities and Exchange Commission’s acknowledgment in February of a Dogecoin ETF submission from NYSE Arca, which is now set to review the product. The ETF would track $DOGE’s price via CoinDesk’s DCX index, with authorized participants handling cash instead of $DOGE directly.