Franklin Templeton’s Money Fund Now Available on Avalanche
Leading asset manager Franklin Templeton has made its Nasdaq-listed OnChain U.S. Government Money Fund accessible on Avalanche. Institutional investors have the opportunity to allocate to this fund through digital wallets on the Benji Investments platform. They can also store their wallets on the Avalanche network, subject to eligibility.
Avalanche: The Blockchain Behind AVAX
Avalanche is the blockchain powering the 14th largest cryptocurrency by market cap, AVAX. Its network is utilized for creating decentralized applications including decentralized finance (DeFi) products, aiming to rival Ethereum.
- Franklin Templeton’s head of digital assets, Roger Bayston, stated, “Bringing the Benji platform to the Avalanche network further expands access to our first-of-its-kind tokenized money market fund.”
- The digitized FOBXX fund allows customers to invest in U.S. government securities, cash, and repurchase agreements.
- Investors can purchase shares of FOBXX and store them in digital wallets through Franklin Templeton’s Benji Investments mobile app.
Expanding Reach with Institutional Investors
Franklin Templeton’s move to introduce its money market fund on Avalanche follows the fund’s recent compatibility on the Arbitrum network, an Ethereum scaling solution.
Traditional Finance Meets Crypto
Franklin Templeton, a prominent player in traditional finance, entered the cryptocurrency realm by launching a Bitcoin ETF and later an Ethereum ETF this year, both experiencing significant success. In 2018, the firm ventured into blockchain by digitizing shares for a money market fund on the Stellar blockchain and in 2021, announced a digital asset venture fund.
Hot Take: Franklin Templeton’s Expansion into Crypto
Franklin Templeton’s decision to make its OnChain U.S. Government Money Fund available on Avalanche demonstrates its commitment to embracing blockchain technology. This move signifies the growing intersection between traditional finance and the world of cryptocurrency, providing investors with new opportunities within the digital asset space.
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