Dogecoin goes mainstream: First stock market-traded dog-financial product in Europe
- 21shares and House of Doge launch Europe’s first Dogecoin ETP at the Six Swiss Exchange in Zurich.
- So, to a certain extent, Dogecoin comes through the back door to Europe, initially with $ 1.8 million support from the Dogecoin Foundation.
Dogecoin enters the traditional finance through an exclusive ETP introduction with 21shares and the House of Doge. The Dogecoin Foundation officially authorized this ETP, which is traded on the Six Swiss Exchange under the “Doge” ticker.
The product is 100 % physically backed up and has institutional quality. This is in line with the globally growing demand for regulated crypto investment products.
Exclusive Dogecoin ETP at the Six Swiss Exchange
21Shares AG, one of the world’s largest issuers of crypto ETPS, has itself With the House of Doge mergedto launch the Dogecoin Foundation’s only Dogecoin ETP approved. The product is listed under the Tickicker Doge at Six Swiss Exchange and has an ISIN of CH1431521033. The ETP has an administrative fee of 2.50%.
According to Duncan Moir, President of 21shares, institutional investors enables regulated access to Dogecoin through traditional financing. Moir said that Dogecoin is no longer just a meme coin, but a cultural and financial movement. He said that the Doge ETP is a seamless way for institutions to get into the Dogecoin ecosystem.
The co-managing director of Dogecoin Foundation, Jens Wiechers, said that institutional support is the key to the worldwide spread of Dogecoin. He said that the partnership ensures that Dogecoin remains true to his community roots and at the same time receives the regulatory credibility to scale. Wiechers said this would help Dogecoin to achieve its original vision of an accessible global peer-to-peer currency.
Doge ETP brings specific benefits to the financial market
The Dogecoin ETP is fully physically backed up, it means that Dogecoin holds as a underlying value that corresponds to its market value. This model offers transparency and enables investors directly engagement in cryptocurrency without having to manage digital wallets.
Dogecoin was launched in 2013 and has gained popularity due to its fast transaction speeds, low fees and its increasing use in the real world. Large companies such as Microsoft and AMC Theater are now accepting Dogecoin, it is in mainstream trading. The coin is also used for drinking money, payments and donations.
The CEO of House of Doge, Sarosh Mistry, who is also elected director of the Dogecoin Foundation, said that institutional financial products such as the DOGE ETP will attract more investors. He said that the new listing is a sign of growing up and the legitimacy of Dogecoin in the financial sector. Mistry said that the ETP is designed to support long-term applications by giving major investors access to the Dogecoin market.
More institutional interest in crypto ETPS
21Shares expands its presence in the field of digital assets, manages assets of over $ 7.3 billion and lists products on 11 global stock exchanges, including Nasdaq and Euronext. The company was the first to launch a physically secured crypto ETP in 2018 and is still active with new official applications.
As CNF reported, 21Shares expands its crypto offer by submitting an application to the US stock exchange supervision SEC to register a polkadot ETF.
Meanwhile, interest in crypto ETFs in the USA is growing. As CNF reported, the SEC accepted the 19B-4 applications from Grayscale for Dogecoin and XRP ETFs. The House of Doge, the commercial arm of the Dogecoin Foundation, focuses on bringing Dogecoin into the real world. You want to build an infrastructure that supports Dogecoin as a global payment platform. In this context, the House of Doge recently has the DOGECOIN reserve furnished. She is intended to strengthen Dogecoin as a quick, efficient and reliable payment option for everyday use. To support this, the House of Doge closed a 5-year agreement with the Dogecoin Foundation and bought Doge worth $ 1.8 million at the current market price.
The Dogecoin is currently being traded at $ 0.1431. It has dropped by 2.38% in the last 24 hours and 16.82% in the past week. This is after a big movement in the past, like the wider crypto market is still very volatile.
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