Bitgo Reveals Wrapped Dogecoin Token Built on Ethereum – In January 2019, almost four years ago, Bitgo introduced the well-liked ERC20 token wrapped bitcoin (WBTC). Every WBTC is backed by bitcoin (BTC) in a 1:1 ratio. WBTC is simply a wrapped version of bitcoin developed with the ERC20 standard on top of Ethereum.
According to data, there are currently 245,379 WBTC in circulation, which, at the current exchange rate, is equivalent to $5.2 billion. On Wednesday, Bitgo disclosed that it had developed a comparable program for the well-known meme coin asset dogecoin (DOGE). Wrapped dogecoin (WDOGE) tokens are likewise backed by dogecoin (DOGE) in a 1:1 ratio.
The WDOGE token has its own website that describes the project’s benefits, such as how to use WDOGE with decentralized financing (defi). According to the website, you can “lend WDOGEs on defi protocols using your WDOGEs as collateral” and “get a loan in defi protocols using your WDOGEs as collateral.” The frequently asked questions (FAQ) part of the website states that the developers would “soon publish a dashboard similar to WBTC’s dashboard” for asset proof.
According to Bitgo’s blog post, the company will also provide two types of custody services as well as WDOGE hot wallets. The WDOGE news comes on the heels of dogecoin’s recent market tear following Elon Musk’s official acquisition of the social media platform Twitter. Dogecoin has managed to capture the eighth-largest position in terms of market capitalization size. Bitgo currently has a registration form for getting started with the wrapped dogecoin (WDOGE) project.
READ MORE
Goldman Sachs Launches Data Service to Help Investors Analyze Crypto Markets
Bakkt Acquires Turnkey Platform Apex Crypto to Bolster Digital Asset Footprint
Survey Shows Democrats and Republicans Agree Cryptocurrency Is the Future of Finance
