Briefly
- A publicly traded hashish and telehealth firm referred to as Dogecoin Money Inc. is embracing DOGE.
- The agency created a completely owned subsidiary referred to as Dogecoin Treasury to ascertain a DOGE treasury and extra.
- Dogecoin Money Inc. beforehand amassed about $6 million price of the namesake by-product meme coin on BNB Chain.
Publicly traded hashish firm Dogecoin Cash Inc. is launching Dogecoin Treasury Inc, a completely owned subsidiary that may also keep a Dogecoin (DOGE) treasury.
The agency, beforehand referred to as Cannabis Sativia, Inc., rebranded to Dogecoin Money in November because it started increasing its operations from hashish telemedicine and different hashish merchandise into cryptocurrency and blockchain initiatives.
Now with its new subsidiary, the agency is additional growing its connections to Dogecoin, utilizing Dogecoin Treasury Inc, to “assist the corporate’s Dogecoin-related improvement initiatives and help within the administration of digital property, together with DOGE.”
A part of these initiatives embody the event of a “Dogecoin Protocol,” an initiative the agency says will “arrange and assist the corporate’s Dogecoin-related initiatives in a unified technical construction.”
“DTI offers us a devoted framework to align our technical work involving Dogecoin with our broader enterprise targets,” a spokesperson for Dogecoin Money Inc, stated in a press release. “This construction will assist the orderly improvement and potential implementation of internally developed instruments, together with the Dogecoin Protocol.”
What does all of this imply? The corporate wouldn’t make clear its plans when reached by Decrypt, as a substitute pointing to its current assertion. That assertion signifies that whereas it’s below improvement, there isn’t a assurance of its “completion, options, or timing of deployment.”
Over-the-counter shares of Dogecoin Cash Inc. (DOGP) had been down 2% on the day, with the corporate now buying and selling simply over a $4 million market cap.
Earlier than Tuesday’s announcement of plans to construct round Dogecoin, the agency was beforehand targeted on Dogecoin Money (DOG), a knockoff meme coin on BNB Chain that it apparently named itself after. The corporate beforehand acquired over 2 billion DOG tokens—roughly $6 million price—together with a crypto-themed URL.
Different publicly traded firms, like Spirit Blockchain Capital and Neptune Digital Assets, have regarded to high meme coin DOGE for his or her digital asset treasuries.
Dogecoin is down practically 5% within the final 24 hours to $0.158, greater than 78% off the all-time excessive value of $0.73 from 2021.
Edited by Andrew Hayward
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