Solana’s Phone Strategy Ignites Price Rally as Franklin Templeton Eyes Mutual Fund on Blockchain

Despite the numerous noteworthy events in the cryptocurrency space, one particular coin has distinguished itself by surpassing Bitcoin’s influence. Solana recently hit the news headlines with the introduction of its innovative smartphone, the “Solana Seeker.” Notably, this strategic move, combined with Bitcoin’s recovery, has led to the token’s surge in market value.

Additionally, SOL’s price surge follows yet another significant development. With a staggering $1.3 trillion in AUM, Franklin Templeton announced that it’s launching a mutual fund on Solana at Breakpoint 2024.

To begin with, Solana left the crypto community mouth open wide with the Solana Seeker. As earlier reported, the Solana Seeker is the successor to Saga, a smartphone that started out as a complete failure before its fortunes turned around.

This phone offers a suite of features designed to appeal to both crypto enthusiasts and developers within the Solana ecosystem. Its integrated Seed Vault provides advanced security, safeguarding users’ digital assets and allowing for secure transactions with a simple double tap. The Mobile dApp Store further enhances the user experience, offering streamlined navigation and the ability to track rewards across the ecosystem.

Perhaps most exciting for early adopters is the Seeker Genesis Token, a soulbound NFT that provides VIP access to rewards, exclusive content, and projects within the network. Worth noting that this token serves as a gateway to a broad array of opportunities in DeFi, gaming, and other dApps. 

Additionally, Solana has also expanded its ecosystem beyond traditional hardware. By investing in decentralized physical infrastructure networks (DePIN), the network is using token incentives to encourage the development of real-world infrastructure in areas like wireless networks, energy, and geolocation.

Following the news of the new phone’s launch, the phone pocketed over 14,000 pre-orders from 57 countries. Evidently, it showcases Solana as a force to reckon with in the blockchain industry. 

On the other hand, SOL also witnessed a price jump in its market value. At the time of writing, Solana’s SOL is changing wallets with $145.51, representing a 6.81% surge in the past week. Additionally, Bitcoin’s recovery is another positive aspect of the situation. 

Franklin Templeton’s Mutual Fund on Solana

Adding further momentum to Solana’s rise, global asset manager Franklin Templeton, which manages $1.3 trillion in assets, announced plans to launch a mutual fund natively on the blockchain. The move, revealed at the Solana Breakpoint 2024 event, marks a significant step in bridging the gap between traditional finance and decentralized finance.

Mike Reed, Franklin Templeton’s partnership development lead, praised the blockchain’s efficiency in handling high transaction volumes while reducing operational costs, contributing to the firm’s decision to utilize Solana. Reed emphasized that the mutual fund launch aligns with Franklin Templeton’s broader strategy of leveraging blockchain for its financial services.

Interestingly, this is not Franklin Templeton’s first appearance in the blockchain world. The asset manager previously issued Bitcoin and Ethereum spot ETFs.