Franklin Templeton considers new crypto fund for Solana, Ripple and Shiba Inu
Franklin Templeton, one of the world’s largest asset managers on Wall Street with assets under management of as much as $1.64 trillion, is exploring the possibility of launching a new private fund that would invest in alternative digital assets known as altcoins. The fund would target institutional investors and specifically target tokens such as Solana, XRP, Shiba Inu, Cardano and others.
Comfort with altcoins
By venturing outside the top two crypto assets, Bitcoin and Ethereum, shows the asset manager that they are comfortable with the class of tokens that have long been considered unregistered securities by the U.S. Securities and Exchange Commission (SEC). While the report does not specify which altcoins exactly will be included in the new crypto fund, Franklin Templeton has publicly praised the growth of the Solana network through 2024, citing Anatoly Yakovenko’s vision of “a single atomic state machine as a powerful use of decentralized blockchains” has praised.
Staking rewards and global expansion
The announcement of Franklin comes after the U.S. Securities and Exchange Commission’s shock approval of major regulatory filings related to the spot Ether ETF filings in late May. Although staking rewards were not included in the proposed Ether funds when the SEC approved the first phase of applications last month, Franklin Templeton is considering offering investors staking rewards with the new altcoin fund.
Although Franklin Templeton’s spot BTC ETF has not been as successful as financial instruments offered by competitors such as BlackRock and Fidelity, the report shows that the company is committed to expanding its crypto business outside the US.
