Asset management giant Franklin Templeton is partnering with SBI Holdings to establish a new cryptocurrency exchange-traded fund (ETF) management company in another major development for crypto ETFs.

The two firms officially signed a Memorandum of Understanding (MoU) for the joint venture on July 26, according to an announcement shared with Cointelegraph.

The new Japanese asset management firm aims to offer the “new generation of investors” greater access to more diversified investment vehicles, according to Jenny Johnson the president and CEO of Franklin Templeton, who wrote:

“The extensive reach of SBI’s iconic brand amongst younger audiences in Japan aligns well with our commitment to help this new generation of investors achieve their goals through our future-focused investment solutions. This strategic partnership underscores our shared belief that best-in-class financial capabilities should be more accessible to investors.”

The new joint venture could offer young investors more access to crypto-based ETFs and introduce newfound capital for the underlying digital asset that can contribute to its price appreciation.

The announcement came shortly after the launch of the first spot Ether ETFs in the United States, which went live for trading on July 23.