Meme-turned-utility challenge Floki is working with an unidentified asset supervisor to develop an exchange-traded product (ETP) monitoring its FLOKI token that might be out there to traders in Europe early within the new yr, one of many builders informed CoinDesk.
If accepted, FLOKI can 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 informed that the Floki ETP is on observe to go reside in early Q1, 2025,” lead developer B informed CoinDesk in a Telegram message on Wednesday.
The builders as searching for approval from the Floki DAO group to offer early liquidity to the product when it goes reside. The vote runs for 48 hours and can finish at 11:00 UTC on Dec. 27.
They’re searching 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 had been bought from the open market over three years after the passage of one other group vote.
If the proposal is accepted, the FLOKI tokens would supply liquidity for the ETP whereas remaining Floki’s property and might be withdrawn if there’s sufficient third-party liquidity within the ETP.
“The Floki ETP is at the moment in a complicated stage and can grow to be tradable on the SIX Swiss Trade, the biggest inventory trade in Switzerland and the third-largest in Europe,” B stated. “When it goes reside, the Floki ETP will enable institutional traders, regulated entities and retail traders to get publicity to FLOKI in a regulated approach.”
B stated the crew couldn’t disclose additional specifics concerning the ETP as a result of non-disclosure agreements, similar to opening costs, fund construction and institutional companions.
FLOKI is up 1.1% up to now 24 hours, in step with the broader crypto market.
