- Floki DAO has indicated plans to launch an exchange-traded product in Europe
- The DAO is debating on a proposal to allocate a portion of its $2.8 million treasury as liquidity for the ETP
- The ETP will expose institutional investors to the FLOKI token
Memecoin project Floki is considering launching an exchange-traded product (ETP) in Europe to give institutional investors exposure to the FLOKI token. The project, through its DAO, Floki DAO, is seeking to allocate a portion of its $2.8 million treasury as liquidity for a Floki ETP. Floki revealed that it has been “actively working with a respected asset manager and an ETP issuer,” showing that the memecoin project is committed to expanding beyond the retail world.
Merging Floki and TradFi
According to the proposal, launching an ETP will help Floki merge with the “TradFi ecosystem and build a bridge for TradFi investors to” interact with the memecoin project within a regulated environment.
It added that an ETP resembles an ETF because they both provide a regulated way for investors to interact with an asset. Floki also disclosed that the ETP, if approved by the community, will be available on the SIX Swiss Exchange, the third-largest stock exchange in Europe.
Floki intends to become the second memecoin project, after Dogecoin, to launch an ETP. The project assured the community that FLOKI tokens dedicated to the ETP will “remain Floki’s property and can be withdrawn in the future if there is enough third-party liquidity.”
Floki DAO Proposal Already Passed?
The proposal requesting Floki DAO to approve the ETP has 99.89% of the voters supporting the idea with the voting scheduled to end today December 27 after being open since December 25.
Floki DAO’s move comes as DAOs continue to help crypto projects chart new paths. A week ago, for example, Aave DAO said it’s considering leaving Polygon after the Ethereum scaling layer suggested plans to use deposited stablecoins for yield farming. In October, ApeCoin DAO voted to dissolve web3 and metaverse working groups.
With over 99% of the community supporting Floki’s liquidity provisioning for an ETP, a Floki ETP is on its way.
