Franklin Templeton, a major player in the financial industry, is preparing to launch a new private fund dedicated to cryptocurrencies other than Bitcoin (BTC) and Ethereum (ETH). This new fund will specifically target institutional investors and will include a variety of alternative tokens such as Solana, XRP, Shiba Inu, Cardano, among others.

This development was reported on June 6 by The Information, based on insights from anonymous sources familiar with the plans. It signifies Franklin Templeton's growing interest and involvement in the broader cryptocurrency market beyond the two most well-known digital assets.

Franklin Templeton is no newcomer to the world of digital assets. The firm first ventured into this space in 2018. Earlier this year, in mid-January, it introduced a spot Bitcoin exchange-traded fund (ETF). Furthermore, the company has applied to offer a similar ETF for Ethereum, the second-largest cryptocurrency by market capitalization. Franklin Templeton recently became the first issuer to disclose its sponsor fees for its spot Ethereum ETF in an updated S-1 filing.

The company has expressed enthusiasm about Ethereum and its related ecosystem, despite acknowledging the challenges it has faced recently. They are optimistic about Ethereum's future, expecting it to benefit from various positive developments that will drive its growth forward.

By expanding its focus beyond Bitcoin and Ethereum, Franklin Templeton is demonstrating its confidence in a broader range of cryptocurrencies. This move suggests that the firm is comfortable dealing with tokens that the U.S. Securities and Exchange Commission (SEC) has often categorized as unregistered securities. This step could pave the way for more widespread acceptance and investment in alternative digital assets among institutional investors.

Overall, Franklin Templeton's strategy to launch a new fund aimed at a diverse set of cryptocurrencies highlights its commitment to staying at the forefront of the evolving digital assets landscape. The firm's initiatives reflect a belief in the long-term potential of a wider array of tokens, offering institutional investors more opportunities to diversify their portfolios within the cryptocurrency market.