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The Dogecoin Foundation's new business department launches DOGE reserves, purchasing 10 million coins in the first batch

ChainCatcher news, according to The Block, the Dogecoin Foundation has established an "official Dogecoin reserve" through its newly formed commercial department and has purchased the first batch of 10 million DOGE (approximately $1.8 million) at current market prices. The price of DOGE rose by 6% after the announcement.This initiative is part of the foundation's collaboration with House of Doge. House of Doge became the foundation's official commercialization partner after signing a five-year cooperation agreement in February this year. According to the announcement, the DOGE reserve aims to serve as a proof of concept to demonstrate the feasibility of Dogecoin in efficient, seamless transactions."The launch of the Dogecoin reserve is an important step for House of Doge in realizing its vision of making Dogecoin a fast and reliable payment option for businesses and consumers," the announcement stated. "Through innovative technology, merchants will be able to accept Dogecoin payments instantly at checkout, avoiding the typical wait times associated with blockchain transactions while providing the same level of trust as traditional payment methods."According to the announcement, House of Doge will unveil its first strategic partners in the coming months to showcase the practical applications of Dogecoin as a global payment solution. Additionally, the Dogecoin Foundation plans to collaborate with "major sporting events" to promote the use of Dogecoin and focus on educating users on how to use self-custody Dogecoin wallets.
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