As a seasoned researcher with over two decades of experience in the financial industry, I find myself intrigued by the latest development in the cryptocurrency world – Valour’s Exchange-Traded Product (ETP) for Dogecoin (DOGE). Given my extensive background in traditional finance and my recent foray into the dynamic world of digital assets, I am particularly fascinated by how traditional financial instruments are being adapted to accommodate the unique characteristics of cryptocurrencies.
Valour, a crypto fund provider, has debuted an exchange-traded product (ETP) based on Dogecoin (DOGE), the well-known internet currency, as per a statement released by DeFi Technologies, its parent company, on November 26th.
Through Sweden’s Spotlight Stock Exchange, the ETP (Exchange Traded Product) allows both individual and institutional investors to invest in the world’s biggest memecoin by market value within a secure, regulatory-compliant framework, as stated by Valour.
Given the outcome of the latest U.S. presidential election and the increased interest in Dogecoin that followed, as well as endorsements from high-profile individuals such as Elon Musk, Valour has introduced their DOGE ETP. This is according to Johanna Belitz, head of Nordics at Valour, who made this announcement in a statement.
Related: QED, Nexus aim to bring smart contracts to Dogecoin
The value of cryptocurrencies rose significantly after Donald Trump’s victory in the U.S. Presidential election, as some experts suggest that this outcome could be advantageous for the crypto sector, according to CryptoMoon Research.
2024 saw an explosive growth in the meme coin sector within the crypto world. As an investor, I found myself captivated by its rapid expansion and potential profitability.
This year, the meme-based platform Pump.fun has emerged as a significant triumph, contributing significantly to the skyrocketing popularity of the Solana (SOL) blockchain network.
Originally debuted in 2013 as a humorous take on Bitcoin, Dogecoin (DOGE) currently boasts a market value of approximately $55 billion, as reported by CoinMarketCap.
Dogecoin functions independently, much like Bitcoin, on a proof-of-work (PoW) blockchain system, but its transaction confirmations require fewer computational resources, and there is no cap on the number of Dogecoins that can be in circulation. This digital currency does not offer smart contract functionality.
It is widely considered the first memecoin but is also used for micropayments and tipping.
On November 15th, the plaintiffs voluntarily dropped a 2022 class action suit they had initiated against Elon Musk and Tesla Inc. The lawsuit claimed that Mr. Musk had artificially inflated the value of Dogecoin (DOGE) through his media interviews and social media communications.
On November 26th, the ex-CEO of Binance, Changpeng “CZ” Zhao, encouraged the cryptocurrency community to redirect their attention from meme-based coins towards developing practical blockchain applications instead.
Valour’s overarching firm, DeFi Technologies, oversees around $600 million worth of assets distributed among several different cryptocurrency investment approaches.
On the 17th of July, Valour introduced an Exchange Traded Product (ETP) featuring Near Protocol’s native token, NEAR. This product is also available for trading on Sweden’s Stock Market, Spotlight.
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2024-11-26 22:51