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A newly launched reserve of 10 million Dogecoin (CRYPTO: DOGE), valued at approximately $1.83 million, has been established to advance the cryptocurrency’s use in real-world payments.
What Happened: The initiative, spearheaded by House of Doge, a newly formed organization dedicated to expanding Dogecoin’s adoption through business partnerships and integrations, aims to position DOGE as a mainstream payment tool for consumers and merchants alike, Decrypt reported on Monday.
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Unlike traditional reserves such as the strategic Bitcoin reserve, which are primarily used as financial hedges, this Dogecoin reserve will serve as a liquidity pool to ease and support transactions across a global network of businesses.
“House of Doge is laying the groundwork for a robust payments ecosystem designed to deliver liquidity and reliability,” said Michael Galloro, a board-elect member of House of Doge. “The reserve helps ensure that Dogecoin can be used practically for daily purchases by smoothing transaction processing times.”
The reserve is intended to address blockchain-related delays, which House of Doge sees as a barrier to the widespread use of digital assets in retail payments.
See Also: Coinbase’s latest promo gets you up to $200 in crypto (Seriously!) — Here’s everything you need to know to take advantage of this offer.
Beyond liquidity, the organization plans to implement loyalty programs and offer incentives to merchants that accept DOGE.
An official announcement of its first major partnership is expected in the near future.
Dogecoin has been gaining increased recognition in financial markets.
Asset managers like Grayscale and Bitwise have recently filed for Dogecoin-focused exchange-traded funds (ETFs), reinforcing the meme coin’s growing legitimacy.
What’s Next: Further expanding its cultural footprint, Dogecoin’s famed Shiba Inu (CRYPTO: SHIB) mascot will soon appear on the helmet and car of IndyCar driver Devlin DeFrancesco during the upcoming Indianapolis 500.
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