The event group behind dog-themed meme asset Floki (FLOKI) is saying a plan to launch a brand new exchange-traded product (ETP).
In a brand new thread on the social media platform X, the mission says it has been working carefully with a revered asset supervisor to create a FLOKI-based ETP for European inventors, set to launch in Q1 of subsequent yr.
“We’ve been actively working with a revered asset supervisor and an ETP issuer to launch a Floki ETP for fairly some time now. After months of due diligence and painstaking effort, we’ve been advised that the Floki ETP is on observe to go reside in early Q1, 2025. This proposal is to have the Floki DAO (decentralized autonomous group) approve liquidity for the Floki ETP!”
An ETP permits buyers to reveal themselves to particular belongings with out the necessity to really buy them.
Within the proposal, the Floki group says the ETP is already in its superior phases and can turn out to be tradable on the SIX Swiss Trade, the most important inventory change in Switzerland, as quickly as subsequent yr and turn out to be the second meme coin on the planet with a reside ETP.
“When it goes reside, the Floki ETP will enable institutional buyers, regulated entities and retail buyers to get publicity to FLOKI in a regulated means.
It is a huge transfer that’s virtually unprecedented on this area, as a result of Dogecoin is at the moment the one memecoin within the WORLD, with a reside ETP, and Floki might turn out to be the following memecoin with an ETP in addition to Dogecoin.”
The proposal additionally consists of provisions for burning FLOKI tokens in addition to offering liquidity for the ETP.
“The aim of this DAO proposal is to hunt approval from the Floki DAO for offering liquidity to the ETP…
We at the moment maintain 16,310,285,772.6 FLOKI tokens in [a crypto wallet] and suggest utilizing a portion of them to provision liquidity for the ETP whereas burning the rest on the day the ETP launches.”
FLOKI is buying and selling for $0.000177 at time of writing, a fractional improve over the last 24 hours.
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