House of Doge, the corporate arm of the Dogecoin Foundation, has officially launched the Dogecoin Reserve as a move targeting at solidifying the popular memecoin as a fast, efficient, and reliable payment solution worldwide. With this launch, House of Doge has also entered in a five-year partnership Dogecoin Foundation, officially designating it as its commercialization partner.
As per a statement released by the Dogecoin Foundation, it has supported this endeavor by purchasing $1.8 million DOGE at the current market value. By offering concrete evidence of Dogecoin’s usefulness as a payment option, this reserve seeks to support the currency’s feasibility for regular transactions.
While the majority of people believe that meme coins are usually of no use, the House of DOGE is aiming to make Dogecoin a fast payment option for all the businesses across the world. With the latest technology, business traders will be able to accept Dogecoin payments immediately at the billing counter as a solution to the traditional problem of long waiting hours related to blockchain transitions, giving Dogecoin the same level of trust as conventional payment options.
“Building such a payment network will make things easier for both buyer and seller, as this payment network will help in secure payment and is quick and trustworthy as well for use across the globe,” read a statement from House of Doge.
In a press release, Michael Galloro member of the Board-Elect of House of Doge stated,
“With a strategic reserve, House of Doge is laying the foundation for a payments ecosystem that ensures liquidity, stability, and reliability. By maintaining a reserve, we can bridge the gap between transaction processing times and real-world usability, making Dogecoin extremely practical for everyday purchases,” said Galloro.
After the announcement, DOGE price has surged from $0.176 to $0.185, currently trading at $0.185.
Also Read: Is Dogecoin (DOGE) About to Outrank Cardano (ADA) Again?
