Floki DAO, the organization managing the Floki cryptocurrency, has proposed allocating a portion of its treasury to an asset manager to launch an exchange-traded product (ETP) in Europe, allowing institutional investors to access this cryptocurrency.
In a proposal submitted on December 25, members of Floki DAO are voting to decide whether to allocate liquidity for ETP or not. The proposal requests the use of a portion of 16 billion FLOKI — worth 2.8 million USD at current prices — as liquidity for the future fund.
At the time of publication, 140 votes had been cast in favor of the proposal, with no votes against. The voting period will end at 11:00 UTC on December 27.
Floki is following a plan to launch ETP in Europe in 2025. Source: Floki DAO
The Floki team stated that they have partnered with an undisclosed asset manager to launch ETP for this cryptocurrency in Europe.
'We have been informed that Floki's ETP is on track to operate in early Q1 2025,' the proposer stated.
'Floki's ETP is currently in advanced development and will be traded on the SIX Swiss Exchange, the largest exchange in Switzerland and the third largest in Europe,' they added.
The team stated they could not disclose further details about ETP due to confidentiality agreements, but if the proposal is approved, it will be 'executed in accordance with Floki DAO's mission.'
Floki's price has hardly changed following the proposal and has decreased 6.2% over the past week, according to data from TradingView for more.
Currently, Floki is the 7th cryptocurrency by total value, with a market capitalization of 1.7 billion USD at the time of publication, according to data from Coingecko for more.
FLOKI is currently trading at 0.00017 USD, and although there is a downward trend under the current conditions, this cryptocurrency has recorded a 400% increase since the beginning of the year.
FLOKI fell 6.2% last week. Source: TradingView
If the proposal is approved, Floki will join Dogecoin as the second cryptocurrency to have an exchange-traded product, allowing institutional investors to access cryptocurrencies.
The crypto fund organization based in Toronto, Valour, launched the first ETP for Dogecoin on November 26.
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