Meme-turned-utility challenge Floki is working with an unidentified asset supervisor to develop an exchange-traded product (ETP) monitoring its FLOKI token that may very well be accessible to buyers in Europe early within the new 12 months, one of many builders advised CoinDesk.
If authorised, FLOKI could be the one meme token aside from dogecoin (DOGE) with an institutional product in Europe.
“We have been actively working with a revered Asset Supervisor and an ETP Issuer to launch a Floki ETP (Trade-Traded Product) for fairly some time now, and after months of due diligence and painstaking effort, we have been advised that the Floki ETP is on observe to go stay in early Q1, 2025,” lead developer B advised CoinDesk in a Telegram message on Wednesday.
The builders as looking for approval from the Floki DAO neighborhood to offer early liquidity to the product when it goes stay. The vote runs for 48 hours and can finish at 11:00 UTC on Dec. 27.
They’re looking for approval to allocate a part of the FLOKI required for the ETP from a treasury pockets that holds 16 billion tokens, value simply over $2.8 million at present costs. Tokens in that pockets have been bought from the open market over three years after the passage of one other neighborhood vote.
If the proposal is authorised, the FLOKI tokens would supply liquidity for the ETP whereas remaining Floki’s property and may very well be withdrawn if there may be sufficient third-party liquidity within the ETP.
“The Floki ETP is at the moment in a sophisticated stage and can turn into tradable on the SIX Swiss Trade, the biggest inventory trade in Switzerland and the third-largest in Europe,” B mentioned. “When it goes stay, the Floki ETP will enable institutional buyers, regulated entities and retail buyers to get publicity to FLOKI in a regulated method.”
B mentioned the workforce couldn’t disclose additional specifics concerning the ETP as a result of non-disclosure agreements, resembling opening costs, fund construction and institutional companions.
FLOKI is up 1.1% up to now 24 hours, in step with the broader crypto market.
