Binance and Franklin Templeton unveiled a new partnership to develop blockchain and crypto solutions for institutional adoption. BNB immediately reached an all-time high after the announcement.
Although the two firms haven’t publicly committed to developing specific projects, they’re serious about exploring new applications. Evidently, the market is excited about this opportunity.
Binance and Franklin Templeton Unite
Binance is on the verge of deeper market integration with the US, and the world’s largest exchange is apparently planning accordingly. According to a new press release, Binance is opening a partnership with Franklin Templeton, a prominent asset manager and crypto ETF issuer:
Sponsored“Binance has a record of innovating first-in-crypto solutions that unlock access and opportunities for investors. Our strategic collaboration with Franklin Templeton to develop new products and initiatives furthers our commitment to bridge crypto with traditional capital markets and open up greater possibilities,” claimed Catherine Chen, Head of VIP & Institutional at Binance.
Institutional investors are pouring a lot of capital into crypto right now, using vehicles like ETFs and Digital Asset Treasuries (DATs). However, compared to the potential opportunities of blockchain technology, a lot of this enthusiasm is only skin-deep.
Binance and Franklin Templeton are aiming to fix that by looking at vehicles for genuine adoption.
Specifically, these two firms are aiming to “bridge TradFi and blockchain” by creating new tools and solutions that appeal to corporate investors. Franklin Templeton is bringing its experience with tokenization, while Binance is providing the trading infrastructure.
At first, this announcement might seem a little underwhelming. These two giants are planning to tap into a new market, but the plans aren’t clearly defined yet. Most of Binance’s press release consists of quotes from various relevant executives.
Other than that, their only firm commitment is an intention to explore.
BNB Reveals Market Hype
Nonetheless, the market is apparently enthusiastic about Binance and Franklin Templeton teaming up. Immediately after the announcement, BNB began spiking in value, leading to a new all-time high:
To be fair, BNB has been on a roll lately, hitting its previous valuation record less than a month ago. Still, the timing is fairly unmistakable. The price rally started immediately after the announcement, and the gains fully materialized in about 20 minutes.
This seems like a potent bullish omen for Binance and Franklin Templeton’s partnership. Whatever institutional blockchain solutions these firms come up with, the market seems ready to give them a try.
Midnight