Dogecoin Labs, a new company set up with the Dogecoin Foundation, launched on Wednesday to run three DOGE products: the MyDoge wallet, the DogeOS application layer and Such App, a merchant payments tool.
Jordan Jefferson, who founded MyDoge and DogeOS, is CEO. Tim Stebbing, a Dogecoin Foundation director, is also a director of Labs. The Foundation signed an agreement making Labs its official commercial partner, while it keeps its stewardship, open-source and community role.
“No other digital asset has Dogecoin’s combination of liquidity, community and cultural reach, and its potential has barely been tapped,” Jefferson said in the announcement.
Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter.
What Labs Is Building
DogeOS, an EVM-compatible app environment for DOGE, opened a public testnet on Sept. 30. Neither release gave a mainnet date. MyDoge, which says it has more than 500,000 users, recently rolled out V3. Such App’s beta handles invoicing and in-person QR payments, with a DogeOS integration planned.
Stebbing said Labs gives the community a way to build “products people use, while preserving the principles and open development model at the heart of Dogecoin.”
House of Doge Steps Back
House of Doge (NASDAQ: HODO), until now the Foundation’s exclusive commercial partner, said it is moving parts of its Dogecoin product, engineering and commercial operations into Labs for an equity stake. Neither company disclosed the stake’s size or a valuation. Its exclusive agreement with the Foundation becomes a long-term license, which lets it keep working with 21Shares on the Dogecoin ETF (TDOG), the 2x Long Dogecoin ETF (TXXD) and a Dogecoin ETP on the SIX Swiss Exchange.
House of Doge called the agreements definitive but listed closing conditions among the risks in its forward-looking statements. Its release also names Alex Lewis, a fellow founder of DogeOS and MyDoge, among Labs’ leaders, and says Stebbing is leaving its board for Labs.
CEO Marco Margiotta said in the company’s release that the deal helps House of Doge focus on “tokenizing alternative investment products and unlocking value from our strategic investments in sports.”
Related Listen: Why Memecoins Are Crushing Real World Assets on Robinhood Chain
The post Dogecoin Labs Launches With MyDoge, DogeOS and a Dogecoin Foundation Partnership appeared first on Unchained.