BitGo Joins Dogecoin Frenzy as Crypto Custody Firm Rolls Out a Wrapped Version
BitGo will be introducing wrapped Dogecoin (wDOGE) to the Ethereum blockchain through a partnership with wDogeDAO, the crypto custody firm announced Wednesday.
Wrapping dogecoin will mean that holders will be able to use their wDOGE tokens for decentralized applications (dapps) in the Ethereum ecosystem. All wDOGE is backed by a DOGE token, at a 1:1 ratio.
In addition, BitGo will provide hot wallets, qualified custody, and self-managed custody for both DOGE and wDOGE by the end of the month.
The announcement comes after DOGE’s price rose 102% during October. Analysts attribute the big jump to the excitement behind Elon Musk’s takeover of Twitter, who has been a major booster of the popular meme coin.
DOGE is the sixth largest cryptocurrency with a market capitalization of about $19 billion, according to CoinDesk’s crypto price index.
BitGo VP of Product Nuri Chang noted to CoinDesk that Dogecoin “holders, both large and small, are some of the most active in the crypto community.”
“The wDoge bridge enables that activity to spread to Ethereum and the DeFi ecosystem,” Chang said.