Altcoin
Franklin Templeton, $1.6 trillion asset manager, bets on Altcoins
- Franklin Templeton is on track to launch an altcoin fund to bolster its crypto footprint.
- While the actual tokens have not been revealed, Shiba Inu and XRP may be on the list.
Franklin Templeton, a firm that manages $1.6 trillion in assets, is considering investing in altcoins other than Bitcoin (BTC) and Ethereum (ETH). This potential expansion has sparked optimism among market analysts regarding the growth prospects of Shiba Inu (SHIB) and XRP.
Franklin Templeton’s Crypto Enterprise
According to an anonymous source familiar with the matter, Franklin Templeton is considering launching a new crypto-altcoin fund. As revealed by the source, the asset manager could include staking rewards if the proposal ultimately goes ahead.
Franklin Templeton’s new venture into altcoin investing does not come as a shock to the market. The company is among other prominent mainstream institutions that are marking their territory in the crypto ecosystem. The asset manager recently ventured into Bitcoin Exchange-Traded Fund (ETF), asset tokenization, and is among the approved candidates for an Ethereum spot ETF.
So far, Franklin Templeton’s Bitcoin spot ETF (EZBC), launched alongside others by BlackRock and Grayscale Investments, has become a success. According to current data, EZBC boasts inflows of over $350 million.
Franklin Templeton’s foray into asset tokenization began with a US government bond fund on the Stellar (XLM) network. With this move, the asset manager takes precedence over similar initiatives by BlackRock Reiterating The previous Crypto News Flash announcementThe implementation of blockchain technology demonstrates Franklin Templeton’s commitment to improving the flexibility and efficiency of financial services.
Hopes for Shiba Inu and XRP
Meanwhile, Franklin Templeton has yet to reveal the specific altcoins for his potential fund. However, the crypto community is full of expectations regarding the asset manager’s launch of SHIB and XRP, based on their large market capitalization.
In addition to their dominant position, XRP and SHIB easily emerge as targets considering their widespread interest among cryptocurrency enthusiasts. Additionally, XRP is expected to be the next cryptocurrency to gain regulatory approval for a spot ETF. AS Cryptocurrency news flash As previously explained, Monica Long, president of Ripple, says the potential launch of the XRP ETF represents a strategic development for the company.
On the other hand, SHIB has witnessed a substantial increase over the past month, driven by recent developments in its ecosystem. In line with what Crypto News Flash previously revealed, the consumption rate of SHIB tokens has increased significantly, with millions of tokens destroyed from the ecosystem. According to Shibburn data, the network burned more than 4.8 million tokens across seven transactions on June 5.
Despite this effort to improve the ecosystem, the price of SHIB still lags behind. Over the past 24 hours, SHIB price fell by 6.8% to settle at $0.00002323.
However, since Shiba Inu is a potential beneficiary of Franklin Templeton’s altcoin fund, the memecoin could recover and be set for long-term bullish momentum, driven by increased adoption.
Similarly, this bullish movement could also occur for XRP. At the time of writing, XRP is trading at $0.4931, down 6% from the previous day. However, trading volume increased by 77.6% to over $2 billion.