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.
Bitgo Introduces Wrapped Dogecoin Initiative
Almost four years ago in January 2019, Bitgo launched the popular ERC20 token wrapped bitcoin (WBTC). 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), at a 1:1 ratio.
Today, statistics 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 (DOGE).
Wrapped dogecoin (WDOGE) tokens are also backed by a 1:1 ratio with dogecoin (DOGE). The WDOGE token has
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