FLOKI DAO Unanimously Votes to Provide Liquidity for Floki ETP Launch

Miami, Florida, December 31st, 2024, Chainwire

The Floki DAO has voted decisively in favor of allocating liquidity to facilitate the creation of a Floki Exchange-Traded Product (ETP).

The proposal passed on Dec. 27 without a single opposing vote – a first for the Floki DAO – highlighting the community’s overwhelming support for expanding Floki’s presence in traditional financial markets.

The vote will see a portion of 16,310,285,772.6 FLOKI tokens from the community buyback wallet redirected to provide liquidity for the ETP, while the remaining tokens will be permanently burned.

The Floki ETP is set to go live on the SIX Swiss Exchange in the first quarter of 2025.

"With the Floki DAO voting overwhelmingly in favor of the proposal to provide liquidity for the Floki ETP, Floki is on track to become the only memecoin besides Dogecoin with an ETP on a regulated stock exchange as early as January 2025. 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,” B a Core Advisor at Floki said.The creation of the Floki ETP is being driven by a leading asset manager in collaboration with an ETP Issuer, reinforcing Floki’s growing integration into the traditional finance (TradFi) ecosystem. By establishing the ETP, Floki aims to bridge the gap between crypto and traditional markets, providing institutional and retail investors with a secure, regulated avenue to access, buy, and hold FLOKI through familiar trading platforms.

An exchange-traded product (ETP) functions similarly to an exchange-traded fund (ETF) but with structural differences. Both products allow investors to gain exposure to underlying assets without directly holding them.

This announcement follows the recent recognition of Floki by the U.S. Commodity Futures Trading Commission (CFTC) as a utility token during the Global Markets Advisory Committee (GMAC) meeting on November 21. Floki was highlighted alongside Ethereum (ETH) and Avalanche (AVAX) as part of ongoing regulatory discussions surrounding digital assets.

A key factor in the CFTC’s acknowledgment was Valhalla, Floki’s NFT-based metaverse game slated for launch in early 2025. Valhalla’s use of FLOKI as its in-game currency played a pivotal role in reinforcing the token’s real-world utility and further establishing Floki’s legitimacy within the broader digital asset landscape.

Floki continues to innovate and work hard towards pushing adoption of its ecosystem in line with its mission to be the world's most known and most used cryptocurrency!

About Floki

Floki is the people’s cryptocurrency and utility token of the Floki Ecosystem. Focused on utility, community, philanthropy, and strategic marketing, Floki is working toward becoming the world’s most recognized and used cryptocurrency. With over 490,000 holders globally, Floki has already established a strong brand presence. Users can learn more at floki.com.

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This article was originally published on Chainwire

Source: Investing.com