FLOKI meme token team to launch regulated bank accounts for fiat transactions

The project will also offer the possibility of creating digital debit cards

22.03.2024 - 16:10

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3 min

What’s new? Floki developers plan to offer users the ability to create regulated digital bank accounts that can be funded with FLOKI tokens for transactions in dollars, euros, and pounds sterling. These accounts will be serviced through a key partner licensed in the key jurisdictions of Canada, Spain, Dominica, Australia, and the UAE, the project’s team said.

Material by CoinDesk

What else is known? The development is part of a broader plan to transform the meme token into a vast financial ecosystem, it also includes issuing debit cards and launching a staking service.

Users will be able to create digital bank accounts and generate Visa or Mastercard debit cards linked to those accounts. Payments will be made using SWIFT, SEPA, and IBAN systems, allowing users to transact and transfer money globally.

The cards will be issued in partnership with a Swiss company regulated by the Financial Market Supervisory Authority (FINMA).

FLOKI developers propose to withdraw 190 billion meme tokens from circulation

The asset reacted to the initiative with an increase of 6,3%

FLOKI is set to launch in 2021, similar to the back then-popular DOGE and SHIB meme coins, which also use a Shiba Inu dog as their mascot. The Ethereum blockchain-based project came about after Elon Musk said he wanted to get a Shiba Inu and name it Floki, which he later did.

The project team is preparing to launch the Valhalla metaverse, it also recently launched the TokenFi asset tokenization platform with the TOKEN native coin.

FLOKI ranks fifth in the meme token ranking and 59th in the overall ranking of cryptocurrencies with a capitalization of over $2 billion, trading at $0,0002138, having lost 6,6% in a day and 17,7% in a week.

TokenFi platform from the creators of FLOKI launches staking on Ethereum and BNB Chain networks

Yields can be as high as 106% if the coins are locked up for four years

In March, market maker DWF Labs announced a $10 million investment in TOKEN; the project will use the funds to develop AI tools for creating NFTs and auditing smart contracts. TOKEN has since surged by 56% and hit a new high of $0,09. Earlier, DWF invested over $11 million in FLOKI tokens, which also led to the growth of its rate.

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