Source: Blockster
New York, NY – Franklin Templeton, a giant in global asset management, is making waves again. This time, they’re expanding their blockchain game by bringing their trailblazing on-chain money market fund to the Avalanche network. If you’re keeping tabs on the world of tokenized assets, this is one more sign that Avalanche is solidifying its place in the digital finance world.
Franklin Templeton’s OnChain U.S. Government Money Fund (FOBXX)—launched back in 2021—isn’t your typical mutual fund. It’s the first and only U.S.-registered mutual fund that uses a public blockchain to process transactions and track share ownership.
That’s a big deal for institutional investors, who can now access the fund through digital wallets on Franklin Templeton’s Benji Investments platform. And if they’re into Avalanche, they can now keep those wallets on its network, assuming they meet the eligibility criteria. John Wu, President at Ava Labs, couldn’t be happier.
“Seeing the Avalanche platform support Franklin Templeton’s Benji platform is a game-changer. We both share a commitment to pushing the boundaries of digital finance. This isn’t just about today’s investor demand—it’s about paving the way for bringing off-chain capital and new users into this growing ecosystem.”
Franklin Templeton Taps Avalanche for Tokenized Fund
It’s no secret that institutions are eyeing blockchain, smart contracts, and tokenization to revolutionize financial services. Many are already leveraging Avalanche’s speed, low costs, and EVM compatibility for their digital asset strategies. The network’s customizability and sub-second transaction finality make it an attractive option for serious players.
Global investment firm with $1.6T AUM expands its L1 blockchain footprint to Avalanche.
The Franklin Templeton OnChain U.S. Government Money Fund (FOBXX) is the first and only U.S.-registered mutual fund to leverage a public blockchain as the system of record to process… pic.twitter.com/p9l8Whg88Y
— Avalanche 🔺 (@avax) August 22, 2024
Since diving into blockchain in 2018, Franklin Templeton has been busy. They’re building solid blockchain-based solutions, running validators, and crafting innovative investment strategies. Their digital assets research team digs deep into “tokenomics” and pulls insights from a data science squad and industry experts to guide their decisions.
Roger Bayston, Franklin Templeton’s Head of Digital Assets, is excited about the move to Avalanche.
“Expanding our Benji platform to Avalanche means more people can access our unique tokenized money market fund. We’re looking forward to working with Avalanche’s vibrant developer community to bring new blockchain innovations to market.”
BENJI Tokens Unlock New Investment Possibilities
Here’s where it gets interesting: one share of the $420 million Franklin OnChain U.S. Government Money Fund is now represented by one BENJI token. Benji wallet holders can also now use USDC stablecoin to buy shares of FOBXX and can even transfer shares peer-to-peer on the blockchain. The future? Think secondary market trading and enhanced collateral mobility.
For those wanting to dive in, individual investors can snag the Benji Investments app on Android and Apple devices. Institutions? There’s the Benji Institutional web portal for you.
About Avalanche
Avalanche is a powerhouse smart contracts platform known for its speed and scalability. Transactions regularly finalize in under a second, thanks to its cutting-edge consensus protocol. Developers can create custom blockchain solutions with ease using Avalanche’s Subnet infrastructure and HyperSDK toolkit. It’s an eco-friendly, flexible playground for Web3 development.
About Franklin Templeton
Franklin Templeton [NYSE] is a global investment giant, serving clients in over 150 countries. They offer a diverse range of investment strategies, from fixed income and equity to alternatives and multi-asset solutions. With more than 1,500 investment pros and over $1.6 trillion in assets under management as of July 31, 2024, they bring 75 years of expertise to the table. More info at franklintempleton.com.
