Key Takeaways
- Floki plans to launch an ETP on SIX Swiss Alternate in early 2025.
- Group vote strongly helps allocating 16 billion FLOKI for ETP liquidity.
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Floki plans to launch an exchange-traded product (ETP) based mostly on its FLOKI token on Switzerland’s SIX Swiss Alternate in early Q1 2025. If accredited, this growth will make FLOKI the second memecoin to supply an institutional-grade funding automobile in Europe, following Dogecoin.
In accordance with a Dec. 25 assertion, the undertaking is working with an asset supervisor and ETP issuer to create a regulated funding product accessible to each institutional and retail buyers.
The Floki DAO has additionally put ahead a proposal to allocate 16 billion FLOKI tokens, valued at roughly $2.8 million, from its treasury to supply liquidity for the ETP.
On the time of reporting, the proposal garnered robust assist, with 204.9 billion votes forged in favor and no votes towards or abstaining. This unanimous approval displays robust neighborhood backing for the Floki ETP initiative. The vote will conclude on Dec. 27.
The ETP will allow buyers to realize publicity to FLOKI by regulated channels, connecting conventional finance with digital belongings.
Whereas particular particulars concerning the product’s construction and pricing stay undisclosed because of confidentiality agreements, the undertaking maintains that the tokens used for liquidity will stay beneath Floki’s possession and will be withdrawn as soon as adequate third-party liquidity is established.
SIX Swiss Alternate, the place the ETP will likely be listed, is Switzerland’s largest inventory change and ranks third in Europe by dimension.
The announcement comes after Floki rolled out a brand new debit card in partnership with Mastercard earlier this month. The cardboard, accessible in each bodily and digital codecs throughout 31 European international locations, helps a number of crypto belongings, together with FLOKI, BTC, and USDT.
Past Bitcoin and Ethereum, funding merchandise now supply publicity to a wider vary of crypto belongings, together with more and more standard choices like Solana and Ripple.
Final month, Valour, a subsidiary of DeFi Applied sciences, formally launched the primary Dogecoin ETP on Sweden’s Highlight Inventory Market. The product permits retail and institutional buyers within the Nordic area to realize publicity to DOGE, the seventh-largest crypto asset with out the complexities related to direct possession.
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