What to know:
- Meme-turned-utility project Floki could be the basis of an exchange-traded product as early as the first quarter.
- Developers are proposing to allocate some of the FLOKI required for the ETP from a treasury wallet that held 16 billion tokens as of Wednesday.
- If approved, FLOKI will be only the second meme token, after dogecoin (DOGE), with an institutional product in Europe.
As a seasoned analyst with over two decades of experience in the financial industry, I have seen countless projects come and go. However, the news about Floki’s potential foray into the exchange-traded product (ETP) realm has piqued my interest.
The meme-based project, Floki, is collaborating with a yet-to-be-named asset manager to create an exchange-traded product (ETP) linked to its FLOKI token. This ETP could potentially be accessible to European investors as early as the beginning of the new year, according to one of the developers, as reported by CoinDesk.
Should it receive approval, FLOKI will stand alone as the sole meme token besides Dogecoin (DOGE) that offers an institutional product within Europe.
For some time now, our team has been collaborating extensively with a well-known Asset Manager and an Exchange-Traded Product Issuer to introduce the Floki ETP (Exchange-Traded Product). After several months of thorough examination and hard work, we’ve received confirmation that the launch of the Floki ETP is expected to occur in the first quarter of 2025. This information was shared with CoinDesk via a Telegram message on Wednesday by the lead developer.
The team is asking for consent from the Floki DAO members to offer initial liquidity for the product upon launch. This vote lasts for 48 hours, concluding at 11:00 UTC on December 27th.
As a crypto investor, I’m sharing the news about the proposal to utilize a portion of our FLOKI reserves stored in a treasury wallet, which currently holds approximately 16 billion tokens. At present prices, this equates to around $2.8 million. These tokens were acquired from the open market over a span of three years following the approval of another community vote.
If the proposal gets accepted, the FLOKI tokens will be used to ensure liquidity within the ETP. However, it’s important to note that these tokens would still be owned by Floki and can be retrieved if sufficient liquidity from other parties is available within the ETP.
According to B, the Floki ETP is nearly ready for launch on the SIX Swiss Exchange, which is Switzerland’s biggest stock exchange and Europe’s third-largest. Once activated, the Floki ETP will offer institutional investors, regulated entities, and individual investors a secure way to invest in FLOKI.
As a crypto investor, I’ve been informed that the team is bound by confidentiality agreements and cannot reveal detailed information regarding the ETP, including its opening price, internal organization, and institutional partners.
FLOKI is up 1.1% in the past 24 hours, in line with the broader crypto market.
Read More
- “I’m a little irritated by him.” George Clooney criticized Quentin Tarantino after allegedly being insulted by him
- South Korea Delays Corporate Crypto Account Decision Amid Regulatory Overhaul
- What was the biggest anime of 2024? The popularity of some titles and lack of interest in others may surprise you
- Destiny 2: When Subclass Boredom Strikes – A Colorful Cry for Help
- Deep Rock Galactic: The Synergy of Drillers and Scouts – Can They Cover Each Other’s Backs?
- Sonic 3 Just Did An Extremely Rare Thing At The Box Office
- Final Fantasy 1: The MP Mystery Unraveled – Spell Slots Explained
- Influencer dies from cardiac arrest while getting tattoo on hospital operating table
- Smite’s New Gods: Balancing Act or Just a Rush Job?
- Twitch CEO explains why they sometimes get bans wrong
2024-12-25 14:28