What is Floki?
Floki (FLOKI) is a cryptocurrency that launched in 2021 as a meme token inspired by Elon Musk's Shiba Inu dog, Floki. Initially distributed through community-driven token sales and liquidity provision on decentralized exchanges, it operates on both Ethereum (ERC-20) and Binance Smart Chain (BEP-20). FLOKI has since evolved into a utility token powering an ecosystem that includes an NFT gaming metaverse, DeFi products, and educational platforms, with a strong focus on community involvement and decentralized governance.
What is FLOKI?
The FLOKI token operates on both Ethereum (ERC-20) and Binance Smart Chain (BEP-20), enabling cross-chain compatibility and accessibility. It has a maximum supply of 10 trillion tokens, with mechanisms like token burns implemented to reduce the circulating supply over time. Its dual-chain design ensures scalability and flexibility for various applications within the Floki ecosystem, including gaming, DeFi, and marketplaces.
Note that Wealthsimple only supports the ERC-20 version of FLOKI.
Risk Statement
Before trading any crypto assets it is important to understand the risks. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
No securities regulatory authority or regulator in Canada has evaluated or endorsed the Crypto Contracts or any of the crypto assets made available through the platform.
Wealthsimple has performed an assessment of whether FLOKI can be supported by Wealthsimple's platform, including whether FLOKI is a security and/or a derivative and is being offered in compliance with securities and derivatives laws.
We evaluated FLOKI based on publicly available information, including (but not limited to):
- The creation, governance, usage and design of FLOKI, including the source code, security and roadmap for growth in the developer community and, if applicable, the background of the developer(s) that first created FLOKI;
- The supply, demand, maturity, utility and liquidity of FLOKI;
- Material technical risks associated with FLOKI, including any code defects, security breaches and other threats concerning FLOKI and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them;
- Legal and regulatory risks associated with FLOKI, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of FLOKI; and
- Statements made by regulators or securities regulatory authorities in Canada and other jurisdiction regarding whether FLOKI, or generally about whether the type of crypto asset, is a security and/or a derivative.
Wealthsimple monitors ongoing developments related to crypto assets available on its platform for significant changes that may affect Wealthsimple's original assessment of those assets, including Wealthsimple's assessment of the application of securities and derivatives laws. Any significant changes relating to FLOKI may result in changes to this Crypto Asset Statement and/or Wealthsimple's ability to support FLOKI.
Like all other crypto assets, there are some general risks to investing in FLOKI. These include short history risk, volatility risk, liquidity risk, demand risk, forking risk, cryptography risk, regulatory risk, concentration risk, electronic trading risk and cyber security risk. Please review the Wealthsimple Crypto Product Risk Disclosure for additional discussion of general risks associated with the crypto assets made available through the platform.
We emphasize that this Crypto Asset Statement is not exhaustive of all risks associated with trading FLOKI. Investors should perform their own assessment to determine the appropriate level of risk for their personal circumstances.
Wealthsimple is offering Crypto Contracts in reliance on a prospectus exemption contained in the exemptive relief decision Re Wealthsimple Investments Inc. dated December 18, 2023 (the Decision).
The statutory rights of action for damages and rescission in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under securities legislation of other jurisdictions of Canada, do not apply in respect of this Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.
Last updated: January 22, 2025
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