21Shares has partnered with the House of Doge to introduce the inaugural Dogecoin ETP, supported by the Dogecoin Foundation, on the SIX Swiss Exchange.
The platform for cryptocurrency exchange-traded products, 21Shares, has revealed its collaboration with the House of Doge to create the first Dogecoin ETP (DOGE) backed by the Dogecoin Foundation. In a recent announcement on Wednesday, 21Shares confirmed that this physically-backed product will be available on the SIX Swiss Exchange under the ticker symbol DOGE.
Duncan Moir, the president of 21Shares, stated that this product offers investors the “most direct and accessible avenue to engage with the Dogecoin ecosystem,” emphasizing that DOGE has evolved into “more than just a cryptocurrency,” embodying a “cultural and financial movement that continues to promote mainstream adoption.”
“Dogecoin was designed to be a fun and accessible medium of peer-to-peer transactions, and over the years, it has shown practical use in payments, tipping, and philanthropy. For Dogecoin to realize its full potential as a global currency, support from institutions and collaborations with corporations are crucial.”
Jens Wiechers, advisory board member at House of Doge
The launch of this product comes after the recent acknowledgment by the U.S. Securities and Exchange Commission in February regarding a Dogecoin ETF application from NYSE Arca, which is currently under review. This ETF aims to track the price of DOGE using CoinDesk’s DCX index, with authorized participants managing cash instead of dealing directly with DOGE.