Crypto asset management firm Grayscale is announcing the launch of a new trust that would give investors access to the popular meme asset Dogecoin (DOGE).
In a new press release, the investment giant says it is creating the Grayscale Dogecoin Trust as it believes DOGE has matured from a simple memecoin into a legitimate global financial tool.
As stated by Grayscale’s head of products and research, Rayhaneh Sharif-Askary,
“Dogecoin has matured into a potentially powerful tool for promoting financial accessibility. We believe, as a faster, cheaper, and more scalable derivative of Bitcoin, Dogecoin is helping groups underserved by legacy financial infrastructure to participate in the financial system.
Grayscale Dogecoin Trust offers investors exposure to an asset that is positioned to help fulfill Bitcoin’s originally intended use case and its egalitarian ethos.”
According to the press release, the Dogecoin Trust will operate like any other one of the firm’s trusts and solely invest in DOGE, the native asset of the blockchain.
Last December, it was unveiled that Grayscale launched two new trusts centered around liquid staking service Lido DAO (LDO) and layer-2 scaling solution Optimism (OP).
Other crypto-based trusts offered by Grayscale include ones for payments altcoin XRP, layer-1 blockchain Avalanche (AVAX), stablecoin issuer Maker (MKR), machine learning marketplace Bittensor (TAO) as well as contract platform Sui Network (SUI).
DOGE is trading for $0.338 at time of writing, a fractional increase during the last day.
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