BitGo, a crypto custody company, Invested in the Dogecoin Upsurge by launching a Wrapped Version. The company will list wrapped Dogecoin (wDogecoin) via the Ethereum (ETH) blockchain. The company partnered with wDogeDAO in the course of formulating and launching the project.
Benefits of WDoge to Dogecoin Holders
Holders of Dogecoin would be permitted to utilize the wDoge tokens via decentralized blockchain applications (Dapps). However, the wrapped token can only be utilized on ETH virtual machine. A Doge token will serve as the foundation for all wDoge in a fixed amount that will be measured in a ratio of 1:1.
Wrapped tokens enable trading and lending unauthorized assets on Defi networks such as ETH and BTC. It represents a coin from another blockchain network but maintains the same value.
The company has also promised to offer hot wallets, certified custody, and private custody for all wDoge holders. Also, Dogecoin holders will enjoy the various custodies that will be provided. All these provisions will be unveiled on November 31for maximum security of funds, CoinDesk reported.
Why BitGo Chose Dogecoin
The company released the statement after Dogecoin’s massive pump in October. Crypto reviewers indicated that the significant pump is attributable to the anticipation of the Twitter acquisition by Elon Musk. He has been a prominent proponent of the well-known meme coin.
According to CoinDesk’s crypto market index, Dogecoin is the 6th largest coin in the world. The coin’s trading volume is approximately $19 billion, and the value rose by 102% in October. In addition, BitGo’s Head of Product asserted “that dogecoin holders are one of the most vibrant users in the digital world.
Both substantial and minor holders are always active on the BitGo platform, and transactions are recorded daily”. In a chat with CoinDesk, he revealed that “Defi ecosystem and ETH will be permitted to benefit from the project. Measures have been put in place, and wrapped Doge bridge will integrate Defi and ETH networks”.