Franklin Templeton: Ordinaries driving the ‘renaissance’ of Bitcoin innovation
Franklin Templeton, a major financial services firm that manages approximately $1.5 trillion in assets, believes Bitcoin is experiencing a “renaissance” of innovation, driven by ordinal and other new developments in Bitcoin.
JUST IN: $1.5 trillion asset manager Franklin Templeton says Ordinals are driving ‘positive momentum’ in the market. #Bitcoin innovation.
The agency is coming 🙌 pic.twitter.com/3lSDwNwE5Q
— Bitcoin Magazine (@BitcoinMagazine) April 4, 2024
In recent years, Franklin Templeton has emerged as one of the first large institutions to adopt Bitcoin. After filing for a spot BTC ETF last year, the company launched the Franklin Bitcoin ETF (EZBC) in January amid a flurry of SEC approvals.
This openness to Bitcoin continued in a recent report from Franklin Templeton’s digital assets division, which highlighted the rise of Bitcoin-based NFTs, new fungible tokens and layer 2 protocols called Ordinals. .
Franklin Templeton tweeted that these new projects primarily provide positive momentum for Bitcoin innovation. Volume data shows the likes of NodeMonkes and Runestone outperforming Ethereum NFTs.
According to the report, this provides evidence that Bitcoin offers advantages over other blockchains and that its security, decentralization, and large user base give it an edge for mainstream adoption.
In addition to NFTs, technical standards such as BRC-20 and Runes are expanding Bitcoin’s capabilities. These developments, along with Layer 2 expansion, are beginning a new phase of growth and maturity, the Wall Street firm said.
Franklin Templeton’s optimistic view reflects a broader institutional warming towards Bitcoin and its capabilities, with major firms such as BlackRock also embracing Bitcoin while publicly discussing “tokenizing” the asset.
