Wrapped Dogecoin (wDOGE) to launch via cryptocurrency Custodian BitGo: CoinDesk report

To summarize:

  • Thanks to BitGo’s move, Dogecoin users will be able to deploy their tokens across the Ethereum ecosystem.
  • The cryptocurrency custody provider announced a partnership to launch wrapped DOGE tokens, CoinDesk reported Wednesday.
  • BitGo has reached an agreement with wDogeDAO to make wrapping tokens possible.
  • The meme coin rose more than 110% in October after Elon Musk completed the $44 billion Twitter acquisition.

Cryptocurrency custody firm BitGo plans to offer users packaged Dogecoin tokens as the meme coin community reaped huge gains in October.

CoinDesk reported Wednesday that BitGo has struck a deal with the decentralized autonomous organization wDogeDAO. The partnership aims to provide holders with wrapped Dogecoin tokens.

The BitGo partnership could bring greater utility to the leading meme coin. Wrapped DOGE tokens allow holders to interact with decentralized applications (dapps) on the Ethereum blockchain.

Wrapped Token utilizes smart contract technology to provide liquidity related to the underlying asset. This cryptocurrency is pegged 1:1 to another Crypto asset. Virtual currency protocols utilize this system to unlock liquidity and access ecosystems on other blockchains.

During the initial Decentralized Finance (DeFi) craze, users were introduced to use wrapped Ether (wETH) as an alternative to standard ETH assets.

BitGo also plans to offer hot wallets and self-managed custody services for meme coins and their wrapped versions by November 2022.

Dogecoin surges over 110% in October 2022

BitGo’s announcement comes after a busy week for the meme coin community. Elon Musk bought Twitter for $44 billion, backed by leading cryptocurrency exchange Binance and other Crypto asset stakeholders.

Notably, Musk has mentioned his support for Dogecoin several times. Meme Coin responds to Musk’s Twitter takeover, earns hodlers According to TradingView data, the coin gained more than 110% in October. Most of the gains were recorded at the end of the month amid a broader cryptocurrency market relief rally and the completion of the Twitter deal.

At press time, CoinMarketCap ranked the meme coin in eighth place due to its $17 billion market cap.

DOGE/USDT Chart in Trading View

Source of information: Compiled from ETHEREUMWORLDNEWS by 0x information.The copyright belongs to the author and may not be reproduced without permission

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