Overview
The meme-inspired project Floki is collaborating with an unnamed asset manager to create an exchange-traded product (ETP) tied to its FLOKI token. This product is projected to become available to European investors in early 2025, according to a statement from one of the project's developers.
Key Points:
- Developers are proposing to utilize some of the FLOKI tokens for the ETP from a treasury wallet that contained 16 billion tokens as of yesterday.
- If the initiative receives approval, FLOKI will join dogecoin (DOGE) as the second meme token to have an institutional product in Europe.
“We’ve been actively collaborating 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,” B stated in a communication with CoinDesk on Wednesday.
Translation: "We’ve been actively collaborating with a respected Asset Manager and an ETP Issuer to launch a Floki ETP (Exchange-Traded Product) for quite a while now..."
Current Developments
The development team is also seeking approval from the Floki DAO community to provide initial liquidity for this product when it launches. The voting is set to last for 48 hours and will conclude at 11:00 UTC on December 27.
They are requesting authorization to allocate part of the FLOKI tokens necessary for the ETP from a treasury wallet that is currently valued at just over $2.8 million based on current prices. The tokens in this wallet have been acquired from the open market over the past three years following a prior community vote.
If the proposal is approved, the FLOKI tokens will support liquidity for the ETP while still remaining under Floki's ownership, and could be released if sufficient third-party liquidity is present in the ETP. On a recent note, FLOKI has increased by 1.1% in the last 24 hours, consistent with the broader crypto market trends.
