Sonic Labs gets greenlight for its $200M TradFi move
Sonic Labs has passed the proposal to make a $200 million foray into the TradFi market, with plans to create a US company and launch an exchange-traded product.
Sonic Labs, the team behind the layer-1 Sonic blockchain, has been given the nod to issue $200 million worth of its S tokens to expand into the US capital markets, including the creation of a proposed exchange-traded product and a Nasdaq-listed investment vehicle.
Voting ended on Sunday, with 99.99% of Sonic (S) tokens from 105 wallets used to approve the proposal. The proposal also met the required quorum of 700 million S tokens participating in the vote.
The company plans to allocate $100 million in S tokens to build a strategic reserve for a Nasdaq PIPE (Private Investment in Public Equity) vehicle and $50 million for an S token-tracking ETP issued by a “regulated, top-tier ETF provider” with over $10 billion in assets. The fund would be custodied by BitGo, Sonic said.