Dogecoin Labs launched on Wednesday as a new company formed with the Dogecoin Foundation 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 serving as CEO. Tim Stebbing, a director at the Dogecoin Foundation, is also a director of Labs. In the announcement, the Foundation said it signed an agreement naming Labs its official commercial partner, while the Foundation keeps its stewardship, open-source and community role.
Jefferson said in the announcement, “No other digital asset has Dogecoin’s combination of liquidity, community and cultural reach, and its potential has barely been tapped.”
Products under Dogecoin Labs
DogeOS, an EVM-compatible app environment for DOGE, opened a public testnet on Sept. 30. Neither announcement included a mainnet date.
MyDoge says it has more than 500,000 users and recently released V3.
Such App is in beta and supports invoicing and in-person QR payments. A DogeOS integration is planned.
Stebbing said Labs gives the community a way to build products that people actually use while preserving the principles and open development model at the core of Dogecoin.
House of Doge shifts part of its role
House of Doge (NASDAQ: HODO), which had been the Foundation’s exclusive commercial partner, said it is moving parts of its Dogecoin product, engineering and commercial operations into Labs in exchange for an equity stake. Neither company disclosed the size of the stake or a valuation.
Its exclusive agreement with the Foundation will become a long-term license. That structure allows House of Doge to 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 described the agreements as definitive, but said closing conditions remain among the risks listed in its forward-looking statements.
Its release also named Alex Lewis, a fellow founder of DogeOS and MyDoge, as one of the leaders at Labs, and said Stebbing is leaving its board to join Labs.
House of Doge CEO Marco Margiotta said in the company’s release that the deal will help the company focus on tokenizing alternative investment products and “unlocking value from our strategic investments in sports.”