Altcoin
Will Shiba Inu and XRP will benefit as this $1.6 trillion asset manager prepares to invest in Altcoins
Major altcoins like Shiba Inu and XRP could benefit significantly as Franklin Templeton, a firm managing $1.6 trillion in assets, considers investing in altcoins beyond Bitcoin (BTC) and Ethereum (ETH).
Recently, internal reports reveal that Silicon Valley-based Franklin Templeton is considering launching a new one investment fund focused on cryptocurrency. This fund, tailored for institutional investors, would potentially include a wide range of cryptocurrencies other than the dominant BTC and ETH.
In particular, Franklin Templeton is among the numerous giants of traditional finance enter the virtual asset sector to offer investments in cryptocurrencies and investments in tokenized assets.
In January, the firm launched a spot Bitcoin exchange traded fund (ETF) in the US alongside BlackRock and Fidelity. This Bitcoin investment product now boasts over $350 million under management. Following this success, Franklin Templeton decided to list a similar product for Ethereum.
If the proposed crypto-altcoin fund comes to fruition, it could include staking rewards, according to anonymous sources. Notably, this feature is absent in last month’s approval for spot Ethereum ETFs.
In 2021, Franklin Templeton pioneered a tokenized U.S. government bond fund on the Stellar (XLM) network, a move that preceded similar initiatives by BlackRock.
Altcoins like Shiba Inu and XRP are hoped for as targets
Franklin Templeton’s potential expansion into the altcoin market has sparked optimism among analysts in the community regarding the market’s growth prospects.
– Announcement –
While the specific altcoins the fund may target have not been made public, market participants specifically are optimistic on large-cap tokens like Solana (SOL) and XRP. Interestingly, so are members of the meme coin community hopeful about the prospects of Shiba Inu.
Solana and XRP easily emerge as potential targets, considering their prominence in the cryptocurrency market and widespread appeal. Discussions in the crypto community about the next crypto asset ETF after Ethereum are frequent revolved around SOL and XRP.
Similarly, meme coins like Shiba Inu are also seen as potential beneficiaries of Franklin Templeton’s move as they attract retail and institutional traders.
Evidence of this institutional appeal is seen in relationships that venture capital firms such as Symbolic Capital Partners and SCP Ventures have incorporated Shiba Inu into their digital asset portfolios.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
-Announcement-