This week in the crypto industry, trillion-dollar asset manager Franklin Templeton has joined the race for a spot Ether exchange-traded fund (ETF), signaling its intention to incorporate staking into the ETF to generate additional income. Ripple has made a strategic move by acquiring Standard Custody & Trust Company, a U.S.-based digital asset custody provider, while Bakkt has received regulatory approval to raise up to $150 million through the sale of its securities.
Franklin Templeton has submitted a filing with the U.S. Securities Exchange Commission (SEC) seeking approval for a spot Ether ETF, named “Franklin Ethereum ETF.” The proposed ETF aims to capitalize on the growing demand for exposure to Ethereum and plans to incorporate staking to generate additional income, similar to other ETF issuers.
Ripple has acquired Standard Custody & Trust Company, a U.S.-based digital asset custody provider. Standard Custody offers custody and escrow services under a charter granted by the New York State Department of Financial Services and holds various licenses. The acquisition aligns with Ripple’s strategic focus on expanding its crypto services and enhancing its custody infrastructure.
Bakkt, a digital asset investment manager, has received regulatory approval to raise up to $150 million through the sale of its securities. The approval comes after Bakkt signaled concerns over its balance sheet and sought permission to raise additional capital. The approval enables Bakkt to gradually sell securities over three years, providing the company with additional financial resources.
Franklin Templeton’s entry into the spot Ether ETF race underscores the increasing interest from traditional financial institutions in offering crypto investment products. The incorporation of staking into the ETF reflects evolving strategies to maximize returns from crypto assets.
Ripple’s acquisition of Standard Custody strengthens its position in the digital asset custody market and enhances its ability to provide secure custody solutions to institutional clients. The move aligns with Ripple’s broader vision of facilitating the mainstream adoption of digital assets.
Bakkt’s regulatory approval to raise capital provides a lifeline for the company amid concerns over its financial health. The additional funding will support Bakkt’s operations and growth initiatives, potentially bolstering investor confidence in the firm’s long-term prospects.
The developments involving Franklin Templeton, Ripple, and Bakkt underscore the dynamic nature of the crypto industry, with traditional financial institutions, blockchain companies, and digital asset managers actively pursuing strategic initiatives to capitalize on market opportunities and enhance their offerings. These developments highlight the growing integration of digital assets into traditional financial ecosystems and the evolving regulatory landscape governing crypto-related activities.
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