Dogecoin Foundation Seeks Funding to Develop ‘Dogebox’: Details

Dogecoin is presently trading at $0.3863 (roughly Rs. 32.5) on global exchanges.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 26 November 2024 20:13 IST

Dogecoin Foundation Seeks Funding to Develop ‘Dogebox’: Details

Photo Credit: Pexels/ Rudolfs Klintsons

The foundation aims to give people alternatives to traditional financial practices

Highlights

Dogecoin Foundation was established in 2014 by DOGE founders
The foundation oversees the development of Dogecoin
Elon Musk is an avid supporter of Dogecoin

The Dogecoin Foundation is looking to raise funding now that the re-election of Donald Trump as the US President has rallied the crypto market to record highs. In a detailed message recently posted on X, the official handle of the Dogecoin Foundation said that it was seeking sponsors to fund their 2025 vision for the growth of the Dogecoin ecosystem. In the upcoming year, the ecosystem of the popular memecoin is looking to expand into a new service, called Dogebox, for which it requires funding.

Dogecoin, which is presently trading at $0.3863 (roughly Rs. 32.5) on global exchanges, has been called the ‘people's crypto' by Elon Musk, who believes DOGE has more day-to-day utility compared to other crypto assets like BTC and ETH.

Through Dogebox, the ecosystem developers wish to onboard the “first million grassroot retailers to accept Dogecoin” as a payment option. This project is part of the open-source work that the Dogecoin Foundation has been working on for a while now.

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Explaining the concept of Dogebox, the X post by the Dogecoin Foundation said, “The Dogebox Decentralised Infrastructure System will allow every day businesses to self-host and self-custody their own online shops, build integrations with existing systems, and allow regular node-runners to participate in decentralised payment systems that will reward them when people spend their Dogecoin for goods and services in their neighbourhoods.”

The Dogecoin Foundation is a non-profit organization that has been building open-source projects for the Dogecoin Ecosystem, and currently employs a number of full time developers to work across a range of projects for the benefit of the Dogecoin community.

Our aim since 2021…
— Dogecoin Foundation (@DogecoinFdn) November 24, 2024

While the foundation has asked investors to reach out with their proposals, the organisation has not specified the funding amount it is looking to attract to develop Dogebox.

The foundation aims to give people alternatives to traditional financial practices, which includes banks, brokers, and other third parties to facilitate transactions between two parties.

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“We are currently seeking major sponsors for 2025, to benefit collectively from building open-source utility for the future of decentralized payments: putting crypto to work for its intended purpose, as a means of exchange, free from tyranny for all humanity,” the tweet noted.

For now, the foundation has not disclosed a specific timeline for the development of Dogebox.

In 2023, the Dogecoin Foundation had launched a fund pool of five million DOGE tokens, aimed at funding the growth of the memecoin.

This week, open interest for Dogecoin reportedly exceeded $4 billion (roughly Rs. 33,725 crore), marking the highest point for memecoins in terms of bets from futures traders.

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Further reading: Cryptocurrency, Dogebox, Dogecoin, Dogecoin Foundation

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More