Meme-turned-utility mission Floki is working with an unidentified asset supervisor to develop an exchange-traded product (ETP) monitoring its FLOKI token that could possibly be accessible to traders in Europe early within the new yr, one of many builders informed CoinDesk.
If permitted, FLOKI can be the one meme token aside from dogecoin (DOGE) with an institutional product in Europe.
“We’ve been actively working with a respected Asset Manager and an ETP Issuer to launch a Floki ETP (Exchange-Traded Product) for quite a while now, and after months of due diligence and painstaking effort, we’ve been told that the Floki ETP is on track to go live in early Q1, 2025,” lead developer B informed 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 reside. 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 permitted, the FLOKI tokens would supply liquidity for the ETP whereas remaining Floki’s property and could possibly be withdrawn if there may be sufficient third-party liquidity within the ETP.
“The Floki ETP is currently in an advanced stage and will become tradable on the SIX Swiss Exchange, the largest stock exchange in Switzerland and the third-largest in Europe,” B stated. “When it goes live, the Floki ETP will allow institutional investors, regulated entities and retail investors to get exposure to FLOKI in a regulated way.”
B stated the workforce couldn’t disclose additional specifics in regards to the ETP attributable to non-disclosure agreements, reminiscent of opening costs, fund construction and institutional companions.
FLOKI is up 1.1% up to now 24 hours, according to the broader crypto market.
