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, BONK’s main contributor Nom None, advancement“We are proud to announce that we are working with an incredible team to launch the first BONK-based ETP.”
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 ETP Osprey Solana Trust (OSOL). He said:
“There are a lot of different people right now who haven’t been exposed to all the amazing things we’re 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.”
Nom None, main contributor to BONK.
He also expressed his optimism that this publicly traded product based on this is the first step towards launching a memecoin-based ETF in the United StatesThe aim is for the ETP to be launched on the market by the end of the year.
Following the launch, the asset with the icon of a dog rose from $0.00001666 to $0.00001844, representing a 10% increase.
BONK is currently the sixth meme cryptocurrency with largest market capitalization with over $1.29 billion.
As CriptoNoticias already reported, memecoins are assets that pay tribute to a pet, a famous person or politician and generally They are used for financial speculation since they have no intrinsic utility. That is why their price can go up or down in a matter of minutes and in an unpredictable way.