The cryptocurrency's developers gave details of the exchange-traded product (ETP) at an event in Singapore.
The developer team behind bonk ($BONK ), a memecoin on the Solana network, has revealed plans to launch an exchange-traded product (ETP) in the United States.
During an event called Solana Breakpoint, Nom None, BONK core contributor, said: âWe are proud to announce that we are working with an amazing team to launch the first BONK-based ETP.â
As explained in Criptopedia (educational section of CriptoNoticias), an ETP is a type of derivative that is traded on stock exchanges, similar to stocks. They are instruments used by traders seeking indirect exposure to the cryptocurrency market.
None also indicated that the meme cryptocurrency will partner with Osprey Funds, a New York-based firm that helped expedite the first bitcoin ($BTC)-based exchange-traded funds (ETFs) and manages the Osprey Solana Trust (OSOL) ETP.
He said:
âThere are a lot of different people right now who havenât been exposed to all the amazing things weâre building. There are a lot of people who would love to be exposed to Bonk, but they might not have traditional exchange accounts. They might not have wallets, and we need to figure out how we can bring them to Solana.â
Nom None, main contributor to BONK.
He also expressed optimism that the exchange-traded product based on a memecoin is the first step towards launching a memecoin-based ETF in the United States. The goal is for the ETP to be launched by the end of the year.
Following the launch, the asset with the icon of a dog rose from $0.00001666 to $0.00001858, representing a 10% increase.
{spot}(BONKUSDT)
BONK is currently the sixth meme cryptocurrency with the highest market cap at over $1.29 billion.
