Tokenized money market fund launches, Lamborghini partners with Web3 company, and crypto markets trend sideways

Crypto markets are still trending in a sideways chop in midst of consolidation, with bitcoin (BTC) slightly increasing by 0.7%, ether (ETH) down 5.6%, Solana (SOL) rising 7.7%, and the Nasdaq Crypto IndexTM (NCITM) down 0.7%.

Tokenized money fund launches on Arbitrum

Franklin Templeton announced it is launching its tokenized money fund, and investors can now choose to acquire and hold the fund’s tokenized shares on Arbitrum, as well as other crypto networks like Stellar and Polygon. This development reinforces the belief that tokenizing traditional assets, such as money funds, could accelerate the adoption of financial innovations in the broader market.

Lamborghini partners with Animoca Brands, plans NFT-based experiences

Animoca Brands has partnered with luxury car maker Lamborghini to explore new Web3-based brand engagement initiatives. According to an announcement by Animoca Brands, the partnership aims to position Lamborghini at the forefront of digital asset-based customer experiences. This is another example of traditional brands adopting blockchain technology, further enhancing the value and legitimacy of digital assets like NFTs while opening up new revenue streams and engagement opportunities for legacy brands.

From Hashdex: An update regarding the recent market turmoil

In our latest article, our CIO Samir Kerbage discussed how global markets recently faced significant turmoil, due to weak U.S. economic data and Japan’s unexpected rate hike, leading to widespread selloffs, including in cryptocurrencies. Bitcoin and other crypto assets were hit hardest initially because their 24/7 trading made them the first to absorb market shocks. Despite short-term volatility, the long-term investment case for cryptocurrencies remains strong, as Bitcoin has shown considerable gains over the past year, suggesting that current market stress could offer a good opportunity for long-term crypto investors.