A new Dogecoin (DOGE) reserve set aside 10 million DOGE, around $1.83 million, to help cement the leading meme coin as a legitimate means of payment for businesses and consumers worldwide.
Led by House of Doge, a new entity formed to bolster Dogecoin adoption via corporate deals and collaborations, the newly formed DOGE reserve will differ from other financial reserves–like the Bitcoin Strategic Reserve. Instead of holding the token as a hedge against economic uncertainty, the DOGE reserve will act as a liquidity pool to help facilitate transactions for global merchants.
“With a strategic reserve, House of Doge is laying the foundation for a payments ecosystem that ensures liquidity, stability, and reliability,” said Michael Galloro, member of the board-elect of House of Doge in a statement. “By maintaining a reserve, we can bridge the gap between transaction processing times and real-world usability, making Dogecoin extremely practical for everyday purchases.”
The proof-of-concept aims to combat blockchain transaction times, which the House of Doge claims has “hindered digital assets from being commonplace in everyday payment.”
In its efforts to make Dogecoin the people’s currency, the entity aims to install reward programs and merchant incentives for utilizing DOGE in payments. It is expected to make its first strategic partnership announcement in the coming months.
Decrypt reached out to House of Doge for comment.
Financial firms like Grayscale and Bitwise have helped level up Dogecoin’s financial legitimacy in recent months by filing for ETFs for crypto’s top meme coin.
The token’s iconic shiba inu logo will soon grace the helmet and IndyCar of driver Devlin DeFrancesco when he takes the track at the Indianapolis 500 in May.
DOGE is up 7% in the last 24 hours to $0.183, but is still down around 25% on the month amid a broader market decline.
Edited by James Rubin
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