Grayscale, a leading asset manager, has introduced a new closed-end fund offering exposure to dogecoin (DOGE), marking a significant milestone in the cryptocurrency’s journey from memecoin to a tool for global financial inclusion.
The asset manager Grayscale has introduced a new closed-end fund offering exposure to ‘dogecoin (DOGE)’.
According to Grayscale, DOGE has transitioned from being a memecoin to a tool for global financial inclusion.
A Paradigm Shift in Global Financial Accessibility
Grayscale’s head of product & research, Rayhaneh Sharif-Askary, stated that ‘Dogecoin represents a paradigm shift in global financial accessibility.’
The low transaction costs and rapid transfer speeds of DOGE make it an optimal vehicle for international remittances, particularly in regions with underdeveloped banking infrastructure.
Dogecoin is a decentralized, peer-to-peer cryptocurrency that was created in December 2013.
It was founded by Jackson Palmer and Billy Markus, with the initial intention of creating a lighthearted alternative to traditional cryptocurrencies like 'Bitcoin'.
The Dogecoin logo features the Shiba Inu dog from the 'Doge' meme, which contributed to its widespread popularity on social media platforms.
As of 2021, Dogecoin has a market capitalization of over $10 billion and is listed on several major cryptocurrency exchanges.
DOGE’s Rise to Prominence
The launch of the Dogecoin Trust comes weeks after President Trump took office with a promise to promote the crypto industry.
Since his election victory, several asset managers have filed applications for memecoin exchange-traded funds (ETFs), including DOGE.
With a market capitalization of nearly $50 billion, DOGE is the world’s largest memecoin.
Increased Institutional Investment
Wrapping the token in an ETF or trust could attract capital from institutional investors.
The token’s price has already increased three-fold over the past year, with a particularly large move happening in the immediate weeks after the November election.
- coindesk.com | Grayscale Unveils New Dogecoin Trust
