The development team behind dog-themed meme asset Floki (FLOKI) is announcing a plan to launch a new exchange-traded product (ETP).
In a new thread on the social media platform X, the project says it has been working closely with a respected asset manager to create a FLOKI-based ETP for European inventors, set to launch in Q1 of next year.
“We’ve been actively working with a respected asset manager and an ETP issuer to launch a Floki ETP for quite a while now. 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. This proposal is to have the Floki DAO (decentralized autonomous organization) approve liquidity for the Floki ETP!”
An ETP allows investors to expose themselves to specific assets without the need to actually purchase them.
In the proposal, the Floki team says the ETP is already in its advanced stages and will become tradable on the SIX Swiss Exchange, the largest stock exchange in Switzerland, as soon as next year and become the second meme coin in the world with a live ETP.
“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.
This is a big move that is almost unprecedented in this space, because Dogecoin is currently the only memecoin in the WORLD, with a live ETP, and Floki could become the next memecoin with an ETP besides Dogecoin.”
The proposal also includes provisions for burning FLOKI tokens as well as providing liquidity for the ETP.
“The purpose of this DAO proposal is to seek approval from the Floki DAO for providing liquidity to the ETP…
We currently hold 16,310,285,772.6 FLOKI tokens in [a crypto wallet] and propose using a portion of them to provision liquidity for the ETP while burning the remainder on the day the ETP launches.”
FLOKI is trading for $0.000177 at time of writing, a fractional increase during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here