The year 2024 has witnessed many new trends in the cryptocurrency market, particularly in the areas of international collaboration and the development of cryptocurrency-based financial products. One notable piece of news is the collaboration of the Floki project with a major asset manager to develop an exchange-traded product (ETP) tracking the FLOKI token. If approved, this product could be offered to European investors by early 2025. This marks the event of FLOKI becoming the second meme token after dogecoin (DOGE) to have a financial product for institutions in Europe.
The Floki team has been working for many months on this project and is currently seeking approval from the Floki DAO community to provide early liquidity from the treasury wallet, which contains 16 billion tokens worth over 2.8 million USD. If approved, these tokens will support the ETP while still being owned by Floki. This ETP product will be tradable on the Swiss Stock Exchange SIX, allowing a diverse group of investors to gain exposure to FLOKI through regulation.
While this development is taking place, the value of FLOKI has increased by 1.1% in the past 24 hours, in line with the overall market trend. At the same time, Japanese Prime Minister Shigeru Ishiba stated that his government lacks information on the plans of other countries regarding Bitcoin reserves to decide whether Japan should establish a similar reserve. In this context, there have been global discussions, such as when Congressman Eros Biondini in Brazil submitted a draft for establishing federal Bitcoin reserves.
Additionally, Ripple's CEO, Brad Garlinghouse, expressed optimism about a Japanese Yen stablecoin, while praising Japan's progress in cryptocurrency regulation. These developments indicate that 2024 will be a year full of momentum and positive movement for the crypto market, opening up many new opportunities for both investors and cryptocurrency projects.
