With the support and endorsement of the Dogecoin Foundation, 21Shares has announced the debut of the first-ever Dogecoin ETP (DOGE). The SIX Swiss Exchange now lists the new product with the ticker “DOGE.”
A regulated financial product called the ETP gives institutional and individual investors direct access to the Dogecoin meme coin. Unlike speculative investments in unregulated cryptocurrency exchanges, the ETP is 100% physically backed by real Dogecoin as collateral, which makes it unique.
Rise of Doge from Meme to Movement
Dogecoin, a lighthearted alternative to Bitcoin, debuted in 2013, inspired by the well-known Shiba Inu meme. Despite its beginnings as a memecoin, it has become a respectable part of the cryptocurrency market. Its price action, rapid transaction speeds, low fees, and expanding merchant support distinguish it.
Its acceptance as payment by reputable businesses like Microsoft and AMC Theaters adds to its respectability.
In addition, Doge has one of the most active and influential communities in the cryptocurrency space. The community has rallied behind initiatives such as charitable fundraising and promoting financial accessibility, driven by the principle of “Do Only Good Everyday.”
Moreover, 21Shares has an exclusive partnership with the House of Doge, the corporate arm of the Dogecoin Foundation. As part of the partnership, 21Shares has pledged to contribute 10% of the product fees (after costs) to initiatives aligned with the Dogecoin Foundation’s values.
The contributions will support charitable projects and other socially impactful efforts championed by the Dogecoin community.
Crypto Adoption through ETPs
21Shares Dogecoin ETP indicates the increasing acceptance of cryptocurrencies within traditional financial markets.
With the adoption of the new product, investors benefit from accessibility to Dogecoin without technical expertise in managing crypto assets, adherence to regulatory standards through listing on the SIX Swiss Exchange, and credibility due to the endorsement by the Dogecoin Foundation.
From its humble beginnings as a memecoin to becoming an institutionally endorsed investment vehicle, Dogecoin’s journey mirrors broader trends in the evolution of digital finance.
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