Dogecoin goes beyond memes: DogeOS raised $6.9 million for application development

Startup DogeOS, which creates infrastructure for launching decentralized applications on the Dogecoin network, has completed a funding round of $6.9 million, The Block reports, citing company representatives.

The funds received will be used to launch a full-fledged DApp ecosystem, including the creation of smart contracts and support for developers who want to build products based on Dogecoin.

DogeOS plans to add support for token standards, NFTs and DeFi applications, expanding the functionality of the network, which was not originally intended for such tasks.

The launch of the platform could be an important step in the transformation of Dogecoin — from a joke cryptocurrency to a full-fledged blockchain with a real utility.

Dogecoin has previously been used in payment integrations including SpaceX and Tesla, but the development of its own ecosystem could make it a competitor to more universal networks.