Dogecoin Foundation Launches Dogecoin Reserve Through Latest Financial Arm
The financial arm of the Dogecoin Foundation has established a Dogecoin reserve with an initial purchase of 10 million Dogecoin.
The meme coin has seen notable increases in the past few hours following this move.
The cryptocurrency market in general continues to struggle with the price declines it has experienced over the past weeks. However, community members have directed their attention to other activities that stimulate this sector. For example, Circle recently made progress in Japan to start adopting USDC in the government financial system.
In the United States, the House of Doge, the latest corporate arm of the Dogecoin Foundation, has taken new steps. The company has created the official Dogecoin reserve in collaboration with the Dogecoin Foundation. It also conducted an initial purchase of 10 million DOGE, valued at approximately 1.8 million dollars.
Furthermore, the Dogecoin Foundation has signed a five-year agreement with House of Doge, which will be its business partner. Through this new partnership, the financial arm aims to expand the current uses of Dogecoin to accommodate more applications.
According to reports, with the establishment of the Dogecoin reserve, House of Doge plans to prove its concept. This concept aims to demonstrate the feasibility of using Dogecoin to facilitate transactions smoothly and efficiently.