Altcoins
Will Shiba Inu and XRP benefit as this $1.6 billion asset manager prepares to invest in Altcoins
Top altcoins like Shiba Inu and XRP could benefit significantly as Franklin Templeton, a company managing $1.6 trillion in assets, plans to invest in altcoins beyond Bitcoin (BTC) and Ethereum (ETH).
Recently, insider reports revealed that Silicon Valley-based company Franklin Templeton was planning to launch a new investment fund focused on cryptocurrencies. This fund, suitable for institutional investors, would potentially include a diverse range of cryptocurrencies other than the dominant BTC and ETH.
Notably, Franklin Templeton is one of several giants of traditional finance. enter the virtual asset industry to offer crypto investments as well as investments in tokenized assets.
In January, the company launched a Bitcoin spot exchange-traded fund (ETF) in the United States alongside BlackRock and Fidelity. This Bitcoin investment product now has 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 from last month’s approval for Ethereum spot ETFs.
In 2021, Franklin Templeton launched a tokenized US government bond fund on the Stellar (XLM) network, a move that predates similar initiatives from BlackRock.
Altcoins like Shiba Inu and XRP hoped for targets
Franklin Templeton’s potential expansion into the altcoin market has sparked optimism among community analysts about the market’s growth prospects.
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Although the specific altcoins the fund could target have not been disclosed, market participants are particularly optimistic on large-cap tokens such as Solana (SOL) and XRP. Interestingly, members of the meme coin community are also optimistic about Shiba Inu prospects.
Solana and XRP easily appear as potential targets, given their prominence in the crypto market and their widespread appeal. Discussions within the crypto community about the next crypto asset ETF after Ethereum have been frequent revolved around SOL and XRP.
Likewise, coins such as Shiba Inu are also seen as potential beneficiaries of Franklin Templeton’s move, given their appeal to retail and institutional players.
Evidence of this institutional appeal is visible in reports that venture capital firms like 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 opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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