Meme-turned-utility venture 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 advised CoinDesk.
If authorised, FLOKI can be the one meme token apart 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 monitor to go dwell in early Q1, 2025,” lead developer B advised CoinDesk in a Telegram message on Wednesday.
The builders as searching for approval from the Floki DAO neighborhood to offer early liquidity to the product when it goes dwell. 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 neighborhood vote.
If the proposal is authorised, the FLOKI tokens would offer liquidity for the ETP whereas remaining Floki’s property and might be withdrawn if there’s sufficient third-party liquidity within the ETP.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 presently in a complicated stage and can change into tradable on the SIX Swiss Trade, the most important inventory change in Switzerland and the third-largest in Europe,” B mentioned. “When it goes dwell, the Floki ETP will permit institutional traders, regulated entities and retail traders to get publicity to FLOKI in a regulated means.”
B mentioned the group couldn’t disclose additional specifics concerning the ETP as a consequence of non-disclosure agreements, similar to opening costs, fund construction and institutional companions.
FLOKI is up 1.1% prior to now 24 hours, in keeping with the broader crypto market.