FLOKI DAO approves liquidity funding for Floki ETP
The Floki DAO has approved a proposal that seeks to allocate a portion of Floki supply as liquidity funding for a Floki exchange-traded product.
The decentralized autonomous organization, which supports the development of the FLOKI (FLOKI) project, unanimously passed the proposal. What this means is that part of the 16.3 billion FLOKI tokens in the community buyback wallet will help fund the soon-to-be launched Floki ETP. Meanwhile, the project will permanently burn the rest of the tokens.
With this development, Floki is poised to become the only other meme coin besides Dogecoin (DOGE) that offers an ETP via a regulated stock exchange. This is because the Floki ETP is expected to launch on the SIX Swiss Exchange in Q1, 2025.
Floki aims to drive further adoption of its meme coin across the traditional finance market with this product. The ETP will help bridge the gap between TradFi and crypto.
In a comment, project advisor said:
“The Floki ETP will be going live on the SIX Swiss Exchange, which is the largest stock exchange in Switzerland and the third largest stock exchange in Europe, in what is an almost unprecedented move for memecoin legitimacy.”
Floki recently scored a major recognition after the U.S.Commodity Futures Trading Commission highlighted it as a utility token alongside Ethereum and Avalanche. This happened at the global Markets Advisory Committee meeting in November, with Floki’s upcoming game Valhalla key to this development.
The Floki ETP is one of the many milestones for the crypto project. Recently, the project unveiled the University of Floki coming in the same month the team launched their Floki Debit Card across 31 European countries.
Meanwhile, the broader crypto investment products market continues to attract investors.
In 2024, the U.S. Securities and Exchange Commission approved both Bitcoin and Ethereum spot ETFs and issuers have filed for Solana,XRP and Litecoin ETFs among others. BTC’s run to a new all-time high and the explosion in meme coins, AI and real-world assets also stood as highlights.
