Franklin Templeton Expects Solana ETFs Soon

Franklin Templeton Expects Solana ETFs Soon

Franklin Templeton, one of the spot Bitcoin ETF leaders, is optimistic about the expansion of crypto ETFs, including a potential Solana product. Highlighting Solana's adoption and technological maturity, the firm sees major developments driving the crypto space forward. Industry analysts predict that the US SEC will make final decisions on the first spot Solana ETF applications in mid-March 2025.

This anticipation has drawn considerable investor interest, especially after VanEck filed for a Solana ETF in June 2024, with 21Shares following suit. Additionally, Hashdex just filed an S-1 for its index-based crypto ETF, the Hashdex Nasdaq Crypto Index US ETF, which will initially hold both Bitcoin and Ether, with the potential to hold more assets as regulatory conditions for more assets like Solana improve.

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Ferrari Expands Crypto Payments for Cars to Europe

Ferrari is expanding its crypto payment options to its European dealer network this month, following a successful US launch in October. The Italian luxury sports car manufacturer will further extend this option to other international dealers in regions where cryptocurrencies are legally accepted. The move comes in response to market demand, with many of Ferrari's clients invested in cryptocurrencies.

Most European dealers have already adopted or are in the process of adopting this payment method. Ferrari partnered with BitPay in the US to process crypto payments, converting them immediately to fiat currency to mitigate price volatility. It remains unclear which processors will be used in Europe and other regions. This initiative follows Tesla's brief foray into accepting Bitcoin payments in 2021.

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Sygnum Crypto Bank Reported Profitability in H1 2024

Sygnum, a digital asset bank, reported reaching profitability following a robust first half (H1) of 2024, with notable increases in crypto spot trading (200%), crypto derivatives trading (500%), and lending volumes (360%) compared to the previous year. The bank's institutional-grade platform saw growth across its core client segments, including private investors, asset managers, crypto foundations, and funds.

Sygnum's "Staking-as-a-Service" also grew, with 42% of client ether staked amid the approval of spot Ethereum ETFs in the US after the successful launch of Bitcoin ETFs has spurred demand for regulated digital asset exposure, contributing to Sygnum's growth. The bank now serves nearly 2,000 clients globally, holds $4.5 billion in client assets, and plans to expand its regulated footprint in Asia.

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Mt. Gox Creditors to Start Receiving Funds From Bitstamp

Bitstamp announced it has begun returning digital assets to Mt. Gox creditors, distributing Bitcoin, Bitcoin cash, and Ethereum received from Mt. Gox trustees starting July 25. Approximately 20,000 former Mt. Gox users, whose funds were lost when the exchange was hacked in 2014, will receive over $9 billion worth of digital assets, while distributions will begin immediately.

It is important to note that UK customers will receive their funds according to a different release schedule, which will be announced shortly. Analysts were concerned that users recovering their assets would have a negative impact on the market through mass selloffs. According to data analysis conducted by CryptoQuant's Ki Young Ju, these concerns appear to be unfounded thus far.

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Data of the Day

CCData released research, projecting $3.56 billion in inflows for Ethereum ETFs in 2024, predicting a 43% price increase to around $4,900 for ETH. This is based on historical asset distribution between Bitcoin and Ethereum. As a reference in the first six months, Bitcoin ETFs accumulated $15.5 billion in net flows, increasing BTC's price by 22.89% to $57,348, with a peak of $73,118.

Other predictions for Ethereum ETFs varied: Standard Chartered anticipated $7.5-22.5 billion within six months; Galaxy Digital expected 20-50% of Bitcoin's net flows; Citi estimated $4.7-5.4 billion; Kraken predicted $750 million to $1 billion per month; Bloomberg suggested 10-15% of Bitcoin's assets; and JP Morgan expected $1-3 billion by year-end.

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More Breaking News

• Kamala Harris, the US Vice President and presumptive Democratic nominee for the Presidency will not be speaking at the Bitcoin Conference after all.
• Polymarket partners with MoonPay to accept fiat and crypto payments with PayPal, debit and credit cards, Apple Pay, Google Pay, and bank transfers.
• A new European crypto fund offers a way to gain Portuguese citizenship by indirectly investing and holding more than $500,000 in Bitcoin.
• A Hong Kong dollar stablecoin from Jingdong Coinlink Technology Hong Kong Limited will offer secure, cost-effective payments onchain.
• Proton, a privacy and security company with 100 million users, announced its open-source Proton Wallet, aiming to simplify users' Bitcoin experiences.
• A single Bitcoin miner defies expectations and walks away with a $200K reward after processing block 853,742 for a reward of 3.19 BTC.

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