Meme-turned-utility mission Floki is working with an unidentified asset supervisor to develop an exchange-traded product (ETP) monitoring its FLOKI token that might be accessible to buyers in Europe early within the new yr, one of many builders informed 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 (Change-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 dwell 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 group 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 looking for approval to allocate a part of the FLOKI required for the ETP from a treasury pockets that holds 16 billion tokens, price 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 group 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is authorised, the FLOKI tokens would offer liquidity for the ETP whereas remaining Floki’s property and might be withdrawn if there may be sufficient third-party liquidity within the ETP.
“The Floki ETP is at present in a complicated stage and can turn out to be tradable on the SIX Swiss Change, the biggest inventory trade in Switzerland and the third-largest in Europe,” B stated. “When it goes dwell, the Floki ETP will enable institutional buyers, regulated entities and retail buyers to get publicity to FLOKI in a regulated method.”
B stated the group couldn’t disclose additional specifics concerning the ETP on account of non-disclosure agreements, reminiscent of opening costs, fund construction and institutional companions.
FLOKI is up 1.1% prior to now 24 hours, consistent with the broader crypto market.