Dogecoin (CRYPTO: DOGE) Establishes $1.83M Reserve to Advance the Cryptocurrency's Use in Real-World Payments

Dogecoin (CRYPTO: DOGE), valued at approximately $1.83 million, has been established to advance the cryptocurrency's use in real-world payments.

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Dogecoin (CRYPTO: DOGE) is getting a new initiative to support the cryptocurrency's use in real-world payments.

What Happened: House of Doge, a newly announced organization focused on expanding Dogecoin adoption through business partnerships and integrations, has launched with the goal of making DOGE a more common payment option for consumers and merchants,Decrypt reported Monday.

As part of the launch, House of Doge announced a Dogecoin liquidity and treasury initiative. The organization is aiming to create a "large" DOGE treasury.

Instead of a strategic Bitcoin (CRYPTO: BTC) reserve, which are primarily used as financial hedges, this Dogecoin reserve will be used as a liquidity pool to help facilitate and support transactions across a global network of businesses.

Those who contribute to the initiative will become members of House of Doge and will share in the revenue generated.

Those interested in learning more about the initiative can visit the House of Doge website or join its Telegram group.

Earlier this week, reports surfaced that Grayscale and Bitwise had applied for Dogecoin exchange-traded funds.

The move comes as several firms have announced plans to launch crypto ETFs in recent months.

Dogecoin is also set to be in the spotlight at the upcoming Indianapolis 500. The meme coin's Shiba Inu mascot will appear on the helmet and car of IndyCar driver Devlin DeFrancesco.

What’s Next: In addition to its role in the crypto sphere, Dogecoin has also become a favorite topic of retail investors on social media.

Earlier this year, Investor's Place contributor Tom Reynolds highlighted how several investing platforms allow users to trade cryptocurrencies with no commissions.