Floki Developers Plan Regulated Bank Accounts in Next Value Capture for Tokens

SWIFT payments and SEPA IBANs will be supported – allowing users to transact and transfer money globally.

AccessTimeIconMar 22, 2024 at 1:13 p.m. UTC
Updated Mar 22, 2024 at 1:19 p.m. UTC
  • Floki developers are working on offering regulated digital banking accounts that can be funded with FLOKI tokens and used to transact in USD, EUR, and GBP.
  • The project also includes plans for debit cards and staking services, with accounts being facilitated through a partner licensed in Canada, Spain, Dominica, Australia and the UAE.

Floki developers are planning to offer users a regulated digital banking account they can fund using (FLOKI) tokens that transact in dollars, euros and sterling, lead developer B told CoinDesk.

The development is part of a broader plan to release debit cards and staking services propelling the dog-themed meme coin to a serious project that offers users a crypto-based financial application.

“We will introduce Floki-powered Bank Accounts in partnership with a fintech company,” B wrote in a Telegram message. “These accounts will be facilitated through a key partner licensed in four key jurisdictions: Canada, Spain, Dominica, Australia, and the UAE.”

Users will be able to create digital bank accounts and generate debit cards linked to these accounts, B said. Payments over the SWIFT international banking network and SEPA IBANs will be supported – allowing users to transact and transfer money globally.

The debit card will be offered on both the VISA and Mastercard payment networks. The cards will be issued in partnership with a Switzerland-based company that is regulated under the Swiss Financial Market Supervisory Authority (FINMA), the country's top watchdog.

FLOKI tokens are down 6.7% in the past 24 hours, data shows, faster than the broader market drop. The CoinDesk 20 Index has dropped 3.5%.

Floki, fashioned after the popular Shiba Inu dog breed that has spurred popular tokens including dogecoin (DOGE) and shiba inu (SHIB) , started as a meme coin project and has tried to shift its image in the past years with a focus on projects spanning from gaming applications to artificial intelligence.

Edited by Sheldon Reback.

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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.