Dogecoin now has a company dedicated to building products for it.
Dogecoin Labs was announced on Tuesday, formed together with the Dogecoin Foundation. It brings products, intellectual property and development teams from across the Dogecoin ecosystem into one independent business.
The company is led by chief executive Jordan Jefferson, founder of the MyDoge wallet and the DogeOS app platform.
What Dogecoin Labs will build
Dogecoin Labs starts with three main products: the MyDoge wallet, the DogeOS app platform, and Such App, a tool for merchant payments.
It takes assets and staff from both the Dogecoin Foundation and House of Doge, the foundation’s corporate arm.
The company plans to work across wallets, payments, commerce, trading, DeFi, gaming and social apps.
MyDoge has passed 500,000 users without paid advertising and recently released a third version. DogeOS, which is compatible with Ethereum apps, opened a public test network on 30 September.
Who does what
The Dogecoin Foundation will keep its role as steward of the project, supporting open-source development and advocacy. Dogecoin Labs will handle commercial product development.
Jefferson said Dogecoin’s “combination of liquidity, community and cultural reach” had no equal among digital assets, and that its potential had “barely been tapped.”
Where DOGE stands
DOGE traded at about $0.084 on Tuesday, giving it a market value of roughly $13 billion. It was down about 14% over the past month and around 88% below its May 2021 record high.
Institutional interest has been mixed. A 21Shares DOGE ETF backed by the Dogecoin Foundation launched on Nasdaq earlier this year, while Bitwise later shut its own Dogecoin fund, citing low demand.
What happens next
The test for Dogecoin Labs is whether it can turn Dogecoin’s large community into regular use of its wallets, payments and apps. No funding amount or product launch dates were given in the announcement.
