{"id":14316,"date":"2022-11-07T05:25:49","date_gmt":"2022-11-07T05:25:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitgo-reveals-wrapped-dogecoin-token-built-on-ethereum-altcoins-bitcoin-news\/"},"modified":"2022-11-07T05:25:49","modified_gmt":"2022-11-07T05:25:49","slug":"bitgo-reveals-wrapped-dogecoin-token-built-on-ethereum-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitgo-reveals-wrapped-dogecoin-token-built-on-ethereum-altcoins-bitcoin-news\/","title":{"rendered":"Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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.<\/strong><\/p>\n

Bitgo Introduces Wrapped Dogecoin Initiative<\/h2>\n

Almost four years ago in January 2019, Bitgo launched<\/a> the popular ERC20 token wrapped bitcoin (WBTC)<\/a>. 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<\/a>), at a 1:1 ratio.<\/p>\n

Today, statistics<\/a> show there are 245,379 WBTC in circulation, worth roughly $5.2 billion using today\u2019s exchange rates. On Wednesday, Bitgo revealed the company has built a similar initiative for the popular meme coin asset dogecoin (DOGE).<\/p>\n

\"Bitgo
The website wdoge.tech.<\/figcaption><\/figure>\n

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\u2019s benefits, including utilizing WDOGE with decentralized finance (defi).<\/p>\n

The website says \u201clend WDOGEs on defi protocols using your WDOGEs as collateral\u201d and \u201cget a loan in defi protocols using your WDOGEs as collateral.\u201d The website\u2019s frequently asked questions (FAQ) section explains that the developers will \u201csoon publish a dashboard similar to WBTC\u2019s dashbard\u201d for proof of assets.<\/p>\n

Bitgo\u2019s 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\u2019s recent market tear<\/a> after Elon Musk officially acquired the social media platform Twitter.<\/p>\n

Dogecoin has managed to capture the eighth-largest position in terms of market capitalization size. Bitgo currently has a registration form<\/a> for getting started with the wrapped dogecoin (WDOGE) project.<\/p>\n

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1:1 ratio<\/a>, BitGo<\/a>, Bluepepper<\/a>, collateral<\/a>, Doge<\/a>, dogecoin<\/a>, Dogecoin (DOGE)<\/a>, dogecoin foundation<\/a>, Dogecoin market<\/a>, Elon Musk<\/a>, Gains<\/a>, meme coin asset<\/a>, Meme Coins<\/a>, Meme Token<\/a>, Mydoge wallet<\/a>, WDOGE<\/a>, wdoge.tech<\/a>, wrapped dogecoin<\/a>, wrapped dogecoin (WDOGE)<\/a><\/div>\n<\/div>\n

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. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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