$1.5 Trillion Asset Manager Bullish on Solana (SOL)

Global asset management firm Franklin Templeton Investments has shared its bullish stance on Solana (SOL). Its team has explained why Solana is a major player in the industry and how it is going to shape the industry in the future. This support from Franklin Templeton is considered a major bullish catalyst for SOL.

The firm tweeted earlier today that there are many important developments that are going to drive the crypto industry forward. According to the firm, this is beyond Bitcoin (BTC) and Ethereum (ETH) - two leading players in the sector. Franklin Templeton emphasized that Solana has emerged as a major player in the space.

The asset management firm believes that the Solana blockchain has witnessed rising adoption and continues to mature. It further added that Solana is showing growth by overcoming technological growth hurdles. The network, according to the team, is also showing great potential for high-throughput, monolithic architecture.

What does it mean for Solana?

Franklin Templeton is recognized as one of the most successful asset management companies. It has more than seven decades of experience and expertise in the industry. The company has also developed blockchain-enabled solutions to provide streamlined approaches within traditional financial markets.

Franklin Templeton is also one of the issuers of spot Bitcoin ETFs in the U.S., after their approval earlier this year. The company also led a Series A funding round for Bitcoin layer-2 blockchain Bitlayer Labs. Completed on July 23, Bitlayer Labs managed to raise $11 million at a valuation of $300 million.

Considering the major role of Franklin Templeton in the crypto sector and the fact that it is a $1.5 trillion asset manager, its support for Solana is a major development. While a majority of the leading investment firms have been backing BTC and ETH, Franklin Templeton has openly acknowledged the contribution of Solana to the industry.

Interestingly, there are also rumors of Solana-based spot ETFs going live later this year. As Franklin Templeton is already an issuer of a Bitcoin ETF, it may also issue a spot Solana ETF if it gets approved in the future. Overall, this development reiterates the major role of Solana in the crypto world.