Franklin Templeton, a firm managing $1.6 trillion in assets, is exploring the potential benefits of investing in alternative cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH), which could have a positive impact on altcoins like Shiba Inu and XRP.
Insider reports suggest that Franklin Templeton, based in Silicon Valley, is considering the launch of a new investment fund focused on cryptocurrencies. This fund, designed for institutional investors, would likely encompass a variety of cryptocurrencies other than BTC and ETH, reflecting a growing trend among traditional financial giants entering the virtual asset industry.
Earlier this year, Franklin Templeton, along with BlackRock and Fidelity, introduced a Bitcoin spot exchange-traded fund (ETF) in the U.S., which has already amassed over $350 million in assets. Following this success, the firm is now planning to launch a similar product for Ethereum.
Rumors indicate that the proposed altcoin fund may include staking rewards, a feature not present in the recent approval for spot Ethereum ETFs. In 2021, Franklin Templeton took a pioneering step by launching a tokenized U.S. government bond fund on the Stellar (XLM) network, preceding similar initiatives by BlackRock.
The potential expansion of Franklin Templeton into the altcoin market has raised optimism among analysts about the industry’s growth potential. While the specific altcoins that the fund may target remain undisclosed, there is anticipation around large-cap tokens like Solana (SOL) and XRP, as well as interest from the meme coin community in Shiba Inu.
Solana and XRP are likely candidates for investment due to their strong presence in the crypto market and broad appeal. Discussions within the crypto community often center around SOL and XRP as potential assets for the next crypto ETF after Ethereum. Similarly, Shiba Inu, with its popularity among retail and institutional investors, could also benefit from Franklin Templeton’s interest.
Reports suggest that venture capital firms like Symbolic Capital Partners and SCP Ventures have already included Shiba Inu in their digital asset portfolios, indicating a growing institutional interest in these alternative cryptocurrencies.
Please note that this article serves as information and should not be considered financial advice. The opinions expressed are solely those of the author and do not necessarily reflect The Crypto Basic’s stance. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not liable for any financial losses.
