Bitgo has introduced a wrapped version of the meme coin asset dogecoin built on top of the Ethereum blockchain.
show there are 245,379 WBTC in circulation, worth roughly $5.2 billion using today’s exchange rates. On Wednesday, Bitgo revealed the company has built a similar initiative for the popular meme coin asset dogecoin .Wrapped dogecoin tokens are also backed by a 1:1 ratio with dogecoin . The WDOGE token has its own website that explains the project’s benefits, including utilizing WDOGE with decentralized finance .
The website says “lend WDOGEs on defi protocols using your WDOGEs as collateral” and “get a loan in defi protocols using your WDOGEs as collateral.” The website’s frequently asked questions section explains that the developers will “soon publish a dashboard similar to WBTC’s dashbard” for proof of assets.
Bitgo’s 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’sDogecoin has managed to capture the eighth-largest position in terms of market capitalization size. Bitgo currently has a
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BitGo Joins Dogecoin Frenzy as Crypto Custody Firm Rolls Out a Wrapped Version.BitGo has wrapped dogecoin to the Ethereum blockchain, allowing holders to use their wDOGE tokens for decentralized applications in the Ethereum ecosystem. All wDOGE is backed by a $DOGE token, at a 1:1 ratio.
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