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After the Spot Bitcoin ETF race, the spree for Spot Ethereum ETFs is on. Amid the Ether ETF anticipation, it has been revealed that Kraken, the second-largest crypto trade within the U.S., is eyeing to enter the crypto ETF custodian frenzy by following Coinbase’s lead.

Kraken To Enter Crypto ETF Custody Arena?

Currently, Coinbase serves because the custodian for eight out of the 11 Spot Bitcoin ETFs accepted on January 10 this yr. Kraken is hoping to reflect this strategy and seize a big share within the crypto ETF area, in line with a scoop by Fox Journalist Eleanor Terrett. Terrett just lately took to X to unravel the most recent improvement.

Moreover, Kraken appeared to have supported her claims as their official X account commented on her put up with a purple coronary heart. Since the Bitcoin ETF section is over, Kraken may attempt taking on the custodian function for Spot Ethereum ETFs after the highly-anticipated May approval. Furthermore, it can place Kraken stronger within the crypto trade area.

This would straight pit Kraken towards Coinbase within the crypto ETF custody recreation. Moreover, although Coinbase has acquired the custodian place for many of the Bitcoin ETFs, it doesn’t imply that it’ll hand over on the Spot Ether ETF race. Furthermore, Kraken is poised for extreme competitors as Coinbase has already partnered with main crypto ETF gamers like BlackRock, Grayscale, and Franklin Templeton, which have utilized for the Spot Ethereum ETF approval.

Also Read: Binance CEO Richard Teng Remains Bullish On Bitcoin, Ethereum, & BNB

Franklin Templeton Enters Spot Ethereum ETF Race

Global asset administration agency Franklin Templeton has filed for a Spot Ethereum ETF to offer traders with simpler entry to the second-largest crypto. Joining the ranks of economic behemoths like Ark 21Shares and BlackRock, Franklin Templeton’s transfer displays a rising acceptance of cryptocurrencies in conventional finance.

The filing indicators the agency’s technique to supply an funding possibility for direct Ethereum investments however with out the complexities of digital asset dealing with. This strategy not solely saves time but additionally fosters transparency. Moreover, it integrates digital property into conventional funding portfolios, enhancing accessibility and recognition.

Notably, Franklin Templeton’s proposed Spot Ethereum ETF contains the staking possibility, permitting the fund to earn rewards by collaborating in ETH’s consensus mechanism. This modern characteristic bridges conventional monetary devices with Ethereum’s transactional traits. It units Franklin Templeton aside from its rivals.

Also Read: Franklin Templeton Joins Ark, BlackRock in Spot Ether ETF Pursuit

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