Geometric Energy Corporation announced through PRNewswire that it will collaborate with SpaceX on the DOGE-1 Mission, which will launch a 40kg miniature satellite called a cubesat on a Falcon 9 lunar payload mission early next year.
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“Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector,” said Geometric Energy’s Chief Executive Officer Samuel Reid.
“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce,” said SpaceX Vice President of Commercial Sales Tom Ochinero. “We’re excited to launch DOGE-1 to the Moon!”
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) 1617272723000
The company added that “DOGE has proven to be a fast, reliable, and cryptographically secure digital currency that operates when traditional banks cannot and is sophisticated enough to finance a commercial Moon mission in full. It has been chosen as the unit of account for all lunar business between SpaceX and Geometric Energy Corporation and sets precedent for future missions to the Moon and Mars.”
This is the first transaction in which Doge, a token founded in 2013 as a joke, will be used for something beyond tipping and raising small amounts of money.
On May 8, the price of the token fell, wiping out $30 billion of Dogecoin’s market value, after Elon Musk’s much-anticipated appearance on the American TV show.On
The founder of SpaceX and Tesla has been instrumental in pushing up the price of the cryptocurrency in the past few months with his tweets. He has also vowed to “put a literal Dogecoin on the literal moon”.