A Floki exchange-traded product is set to go live in Europe in early 2025, a project developer told CoinDesk.
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.
Meme-turned-utility project Floki is working with an unidentified asset manager to develop an exchange-traded product (ETP) tracking its FLOKI token that could be available to investors in Europe early in the new year, one of the developers told CoinDesk.
If approved, FLOKI would be the only meme token other than dogecoin (DOGE) with an institutional product in Europe.
“We've been actively working with a respected Asset Manager and an ETP Issuer to launch a Floki ETP (Exchange-Traded Product) for quite a while now, and 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,” lead developer B told CoinDesk in a Telegram message on Wednesday.
The developers as seeking approval from the Floki DAO community to provide early liquidity to the product when it goes live. The vote runs for 48 hours and will end at 11:00 UTC on Dec. 27.
They are seeking approval to allocate part of the FLOKI required for the ETP from a treasury wallet that holds 16 billion tokens, worth just over $2.8 million at current prices. Tokens in that wallet were purchased from the open market over three years after the passage of another community vote.
If the proposal is approved, the FLOKI tokens would provide liquidity for the ETP while remaining Floki's property and could be withdrawn if there is enough third-party liquidity in the ETP.
“The Floki ETP is currently in an advanced stage and will become tradable on the SIX Swiss Exchange, the largest stock exchange in Switzerland and the third-largest in Europe,” B said. “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.”
B said the team could not disclose further specifics about the ETP due to non-disclosure agreements, such as opening prices, fund structure and institutional partners.
FLOKI is up 1.1% in the past 24 hours, in line with the broader crypto market.
