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Franklin Templeton Endorses Solana Following Launch of its Ethereum ETF

  • Franklin Templeton has said that Solana has shown “major adoption and continues to mature”
  • The asset manager launched its second digital asset-backed ETF, the Franklin Ethereum ETF (EZET)
  • Franklin Templeton has agreed to fully waive its fees until January 2025 for the first $10bn in fund assets

Franklin Templeton has indicated it’s confident in the development of crypto exchange-traded funds (ETFs) claiming “there are other exciting and major developments” that will drive the crypto industry forward.

In a post of X, the asset manager wrote: “Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward.”

Franklin Templeton X post

Showing enthusiasm for a Solana ETF, Franklin Templeton added:

“Solana has shown major adoption and continues to mature, overcoming technological growing pains and highlighting the potential of high-throughput, monolithic architectures.”

Ethereum ETF Launch

The announcement from Franklin Templeton comes after the asset manager launched its second digital asset-backed ETF, the Franklin Ethereum ETF (EZET), which is available on the Chicago Board Options Exchange (Cboe).

Speaking of the launch, Patrick O’Connor, head of Global ETFs for Franklin Templeton, said: “After the success of our spot bitcoin ETF (EZBC) launch in January, we are proud to add EZET to our growing lineup of digital asset ETFs.”

O’Connor added that the company was “thrilled” to provide its clients more access to the digital asset industry in a “regulated fund structure that integrates seamlessly into traditional portfolios.”

As part of its launch, Franklin Templeton has agreed to fully waive fees until January 2025 for the first $10bn in fund assets.

Earlier this week, Cboe announced listing five ether ETFs following the US Securities and Exchange Commission’s (SEC) approval. Franklin Templeton was one of those, the others are 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, and VanEck Ethereum ETF.

Data shows that investors traded over $1bn worth of shares from the ether ETF issuers on the first day of availability, with a net inflow of $106.7m.

Solana ETFs

In July, Cboe also submitted two applications to list spot Solana ETFs on its platform: 21Shares and VanEck. Filing two 19b-4 form applications on July 8, the SEC has until March 2025 to make a decision.

According to the Cboe, a potential Solana ETF is similar to spot Bitcoin and spot Ethereum funds, adding “much like bitcoin and ETH, the Exchange believes that SOL is resistant to price manipulation and that “other means to prevent fraudulent and manipulative acts and practices” exist to justify dispensing with the requisite surveillance sharing agreement.”

The post Franklin Templeton Endorses Solana Following Launch of its Ethereum ETF appeared first on CoinJournal.

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Bitstamp to distribute Mt. Gox BTC from July 25

  • Bitstamp plans to distribute Mt. Gox Bitcoin and Bitcoin Cash as from Thursday, July 25.
  • The exchange will have a separate distribution plan for customers in the UK.

Bitstamp announced on Wednesday that the crypto exchange had received Bitcoin (BTC) from Mt. Gox and that it would begin distribution to creditors on Thursday.

The exchange also has Bitcoin Cash from the Mt. Gox trustee, with this coming a decade since the Bitcoin exchange collapsed following a major hacking incident. After a ten-year wait, customers of the defunct crypto exchange can now have their digital assets back.

Bitstamp receives Mt. Gox BTC

Bitstamp said in an announcement that it would begin the distribution process on July 25, 2024. However, it also urged customers to be patient as the process of verification continues.

“We’re pleased to announce that we’ve received the Mt. Gox assets. We’re working diligently to distribute them to our Bitstamp customers who are Mt. Gox creditors. Please allow up to one week for security checks. We’ll inform you when the transfer is finalized,” the exchange notified users via X.

Bitstamp has also told its users in the UK that distribution for this group will be undertaken through a separate plan.

“Rest assured, we’ll keep you updated on the process and ensure you receive your assets as soon as possible,” its post on X reads.

Bitcoin price holds above $66k

Mt. Gox repayments began this month and continues to provide notable downward pressure for BTC price. A significant number of users however have not sold amid the distribution. For instance, CryptoQuant analysts pointed to the increase in BTC outflows from Kraken as the exchange distributed Mt. Gox bitcoin to its customers.

According to analysts, this scenario could bolster Bitcoin’s potential price rebound.

The flagship cryptocurrency currently hovers above $66k, with bulls showing strength since recovering from the recent dump to under $64k.

The post Bitstamp to distribute Mt. Gox BTC from July 25 appeared first on CoinJournal.

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Ferrari to Extend Crypto Payment Scheme to Europe Following US Launch

  • Ferrari is to accept crypto payments in Europe by the end of July
  • The luxury sports car company wants to extend the scheme to other dealers by the end of 2024
  • The move follows the successful launch of Ferrari’s crypto payment scheme in the US last October

Ferrari is to extend its scheme to accept cryptocurrency payments in Europe by the end of July, Reuters reported Wednesday.

The Italian-based luxury car company also plans to extend its service to other dealers by the end of 2024. Last October, Ferrari started accepting crypto payments in the US for its high-end cars, in partnership with BitPay, a crypto payment processor.

At the time, it was reported that payment was accepted in Bitcoin, Ether, and USD Coin. The move came after a surge in market demand and repeated requests from their dealers.

“The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago, to support dealers in better addressing the evolving needs of its clients,” Ferrari said.

Protecting Ferrari’s dealers from crypto price swings, BitPay will switch the crypto into traditional fiat, excluding fees or surcharges from clients.

Companies Accepting Crypto

With market prices continuing to rise and as a popular form of investment it seems like a natural step for major companies to accept crypto payments.

However, despite this, high energy use and unclear regulation are preventing crypto payments being widely accepted, particularly with major companies.

In 2021, for instance, Tesla began accepting Bitcoin payments for its electric cars; however, CEO Elon Musk suspended crypto payments due to the use of fossil fuels connected to Bitcoin mining.

Despite this, there are some who are embracing crypto payments, hoping to make it more mainstream.

In April, Crypto.com and Adelaide Oval, one of the top sporting grounds in Australia, teamed up to bring the first-ever crypto payments at a major stadium in Australia. The collaboration sees sports fans and concert-goers in the country pay with crypto for food and drinks at outlets in the stadium.

In 2022, fashion brand Balenciaga followed in the footsteps of Gucci when it started accepting payment in cryptocurrency.

The post Ferrari to Extend Crypto Payment Scheme to Europe Following US Launch appeared first on CoinJournal.