According to CoinDesk, following the approval of bitcoin ETFs by U.S. regulators, asset management companies are adopting crypto culture to attract investors. Franklin Templeton, a 76-year-old asset manager with $1.5 trillion assets under management, added laser eyes to its Ben Franklin logo, a nod to the popular crypto culture symbol. With about a dozen bitcoin ETFs set to hit the market, including offerings from Wall Street giants like BlackRock, Fidelity, Invesco, and Franklin Templeton, companies are seeking ways to differentiate themselves.
Fees are being reduced, with some products initially charging nothing. Embracing crypto culture and blockchain technology is another strategy for these financial institutions. Franklin Templeton CEO Jenny Johnson has expressed interest in deploying blockchain technology in the conventional financial world and shaking the company's old-fashioned image. VanEck, another Wall Street asset manager and competitor in the bitcoin ETF race, pledged to give 5% of its fund's profits to help develop the Bitcoin blockchain. Bitwise, an asset manager with roots in crypto, announced it would give 10% of profits for the same purpose. As the world's largest asset manager, BlackRock has an advantage over smaller competitors, making differentiation through crypto culture and support for Bitcoin development essential.
