Dogecoin Foundation’s corporate arm forms 10m DOGE reserve to support liquidity

The Dogecoin Foundation has recently created a corporate arm called House of Doge, which is now forming an Official Dogecoin Reserve of 10 million DOGE. The organization is calling the reserve a proof of concept for a payment ecosystem.

House of Doge purchased the 10 million DOGE, which is priced at around $1.83 million at the time of writing. The reserve will guarantee liquidity, rather than acting as a hedge, as most strategic reserves do.

The Doge reserve will provide liquidity

“By maintaining a reserve, we can bridge the gap between transaction processing times and real-world usability, making Dogecoin extremely practical for everyday purchases,” House of Doge board member-elect Michael Galloro said in a statement.

“Dogecoin’s inflationary model ensures ongoing liquidity and supports everyday use as a true medium of exchange,” the statement continued.

House of Doge plans to offer merchant incentives and cashback offers to users, and in the coming months, strategic partners will demonstrate the scalability of the DOGE ecosystem, while maintaining the fast settlement time.

The organization’s website added that it will provide consultation, education, and funding for research and development.

Corporate interest in DOGE is lively

Dogecoin Foundation director Timothy Stebbing said in a lengthy X post in February that the foundation had rejected offers of millions of dollars from corporations looking for partnerships because their interest in DOGE was not sincere enough.

In November, the foundation was introduced to “people with decades of experience at the very top of the American private investment and enterprise world” who wanted to advance the adoption of DOGE. The people are household names in the United States, Stebbing said. 

Stebbing did not name the individuals but said owners and executives of major league sports teams, government officials, and CEOs of global food and hospitality companies were present at the November meeting.

Stebbing mentioned baseball, football, and hockey teams that were prepared to accept DOGE at their events, government agencies willing to accept DOGE for various payments, and restaurant chains and university cafeterias eager to use the token. 

The result of those introductions was the creation of House of Doge as a commercialization partner under a five-year contract. With that contract in place, the foundation can more than double its development team with new senior engineers and hold hackathons and other promotional activities. 

Since then, it has become known that vice chairman of the Toronto Blue Jays baseball team Roger Rai has joined the House of Doge board. Sarosh Mistry, president and CEO of food services giant Sodexo North America is also a board member.

The DOGE community already has things to do

House of Doge and the Dogecoin Foundation made a deal for IndyCar driver DeFrancesco and the Rahal Letterman Lanigan Racing company to wrap a car and DeFrancesco’s helmet in a DOGE design.

It is possible to buy a car with DOGE, Stebbing pointed out. As a matter of fact, DOGE already offers numerous possibilities. Japanese real estate firm Open House Group accepts DOGE for property purchases, for example.

By the time of Stebbin’s announcement in February, House of Doge has already raised millions of dollars with the goal of assembling 10,000 application-specific integrated circuit (ASIC) mining machines this year to create the largest DOGE mining operation in North America. The DOGE mined in that operation will go into the Official Reserve. There will be a mining pool that community members will be able to contribute hash power to.

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