Solana is now being embraced by a company you would expect to see in Wall Street, Franklin Templeton, which is a big company that manages money. However, the company recently registered the “Franklin Solana Trust” in Delaware, indicating they wish to develop a new Solana ETF. Exchange Traded Funds (ETF), in this case, are simply tools that allow people to invest in Solana without having to buy the actual cryptocurrency.
This comes as part of the larger race amongst the companies to roll out Solana ETFs. The move follows Grayscale, Bitwise, Canary Capital, and VanEck as other companies with applications filed to create a Solana ETF. Even the U.S. Securities and Exchange Commission (SEC) has recognized some of these filings, the right step towards getting approvals.
Franklin Templeton has been in cryptocurrency for a while. The company currently manages BTC and ETH ETFs. Because they think more people will want to invest in it, they are now expanding to include Solana. While there is a good deal of interest, the SEC still has to approve these ETFs. Experts think that since the regulations aren’t a big issue to Litecoin and Hedera ETFs, they could be approved first.
Currently, the price of Solana is decreasing while major companies increasingly care about it. While the approval of a Solana ETF by the SEC may well make Solana more popular, many still think that it should happen. It also could help more investors to get involved in the crypto world without buying, storing coins themselves.
Of course, the crypto investing future is heating up as Franklin Templeton jumps into the race. Now all eyes are on what the SEC will do next. And now, we all watch to see what the SEC will do next.
Also read: Toyota to Launch First-Ever Blockchain-Powered Security Token Bonds in November
