Mexico’s largest cryptocurrency trading platform Bitso has added support for the meme-inspired cryptocurrency Dogecoin ($DOGE) this week, and is now letting users trade DOGE against the U.S. dollar.
In an announcement on the microblogging platform Twitter, Bitso noted that while DOGE was created as a meme, nowadays it has “important traction on the market.” The firm noted that it is only accepting DOGE on the Dogecoin blockchain, so tokenized versions on other networks aren’t accepted for deposits or withdrawals.
Bitso notably listed Dogecoin rival Shiba Inu ($SHIB) earlier this year. Bitso, which launched in 2014, was the first crypto exchange in Mexico, and today it is one of the leading crypto exchanges in Latin America. It is also a key exchange partner of Californian FinTech Firm Ripple
In a blog post published in January, Bitso weighed in on the pros and cons of investing in meme-based cryptoassets, noting that memecoins “offer potential for massive gains, but that potential comes at significant risk of massive losses.”
The exchange added that memecoins offer users a “sense of belonging” through their “bustling and welcoming online communities,” but adds that given the “ lack of regulation and speed with which these projects pop up, scams are very common and there are little to no protections in place to shelter investors.”
As a result, Bitso advised users to proceed “with extreme caution when investing in memecoins.” The exchange’s move comes at a time in which Italian luxury fashion house Gucci will reportedly accept crypto as a means of payment in several of its U.S. stores by the end of May, and it is planning to extend this program to all of its directly-operated North American stores by the end of the summer.
The cryptoassets Gucci is accepting include both DOGE and SHIB. Data from Google Trends has shown that SHIB is more popular than DOGE throughout Europe, despite the latter being supported by Tesla CEO Elon Musk.
Last month early Bitcoin adopter and promoter Roger Ver, who for his work to help the early cryptocurrency community grow was at the time nicknamed “Bitcoin Jesus,” has recently defended DOGE saying it is “significantly better” than BTC itself.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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