30s Summary
Crypto funds provider, Valour, has launched the first ever exchange-traded product (ETP) for meme cryptocurrency Dogecoin, listed on Sweden’s Spotlight Stock Market. This release comes amid growing interest in the coin, partly driven by figures such as Elon Musk. Dogecoin was initially introduced in 2013 as a joke currency, but now has a market value of approximately $55 billion. Valour, owned by DeFi Tech, manages around $600 million across various crypto strategies.
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Valour, the company that creates crypto funds, has just made its debut Dogecoin product available on the stock market. The new offering is the first ever exchange-traded product (ETP) for the well-known meme-themed cryptocurrency, Dogecoin, and it’s now up for grabs on Sweden’s Spotlight Stock Market. This way, folks and companies can invest in Dogecoin through a regulated fund put together by Valour.
Even the most recent U.S presidential election results and the jump in Dogecoin interest, especially from influential people like Elon Musk, also had a hand in launching Valour’s Dogecoin ETP according to Johanna Belitz, the head honcho of Valour in the Nordics.
Interestingly, the crypto market as a whole saw a rise after Donald Trump’s win in the US presidential election because a lot of people thought his win would be positive for crypto. Also, meme-themed cryptocurrencies, which Dogecoin is of course the ultimate king, had a growth spurt, with Pump.fun, a platform for these types of coins, being particularly successful and even helping to boost the Solana blockchain network.
Just as some context, Dogecoin, which started off in 2013 as a bit of a joke playing off Bitcoin, has now got a whopping total market value of around $55 billion. Built on its own network, similar to Bitcoin’s, Dogecoin isn’t too hard on your computer and there’s no end to how much Dogecoin can be issued there. But bear in mind, it doesn’t support smart contracts and is usually used for small payments.
Recently, a lawsuit accusing Elon Musk and Tesla of messing with Dogecoin prices was dropped and ex-Binance CEO, Changpeng “CZ” Zhao, encouraged the crypto world to stop obsessing over meme-themed coins and rather put more energy into creating “real” blockchain applications.
Lastly, it’s good to note that DeFi Tech, which owns Valour, manages around $600 million in assets across different crypto strategies. They also introduced an ETP for Near Protocol’s token, NEAR, trading on the same Spotlight Stock Market.