Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Franklin Templeton expands tokenised money fund to Avalanche network

Franklin Templeton expands tokenised money fund to Avalanche network

GrafaGrafa2024/08/23 03:45
By:Isaac Francis

Franklin Templeton has expanded its blockchain initiatives by launching its tokenised U.S. Government Money Fund on the Avalanche (CRYPTO:AVAX) network.

This move represents a notable advancement in the firm’s on-chain financial products and highlights its commitment to integrating blockchain technology into traditional finance.

The Franklin Onchain U.S. Government Money Fund (FOBXX), also known as Benji, has now been integrated with Avalanche’s blockchain.

Franklin Templeton, a major investment firm managing $1.6 trillion in assets, is making history with its first U.S.-registered mutual fund to use a public blockchain for processing transactions and recording share ownership.

This innovative approach aims to increase transparency and efficiency in financial transactions.

Investors can access the FOBXX fund through the Benji Investments app.

In this system, each token represents one share of the $402 million fund.

The integration with Avalanche is a significant development in the adoption of blockchain technology within the financial sector.

Avalanche’s infrastructure is recognised for its rapid transaction finality and low fees, making it an attractive platform for financial institutions looking to innovate.

This development reflects the broader trend of financial institutions leveraging blockchain technology to enhance their services.

The tokenised asset market is expanding, with the U.S. money market fund sector now holding $1.81 billion in tokenised assets.

Franklin Templeton’s move underscores the growing role of tokenised assets in the financial industry and their potential to transform traditional financial practices.

This announcement comes shortly after Franklin Templeton revealed on August 8, 2024, that FOBXX had been linked to the Arbitrum (CRYPTO:ARB) layer two (L2) network.

The integration with both Avalanche and Arbitrum highlights Franklin Templeton’s strategic approach to blockchain adoption, positioning itself at the forefront of on-chain finance innovation.

At the time of reporting, the Avalanche price was $26.27.

1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Mars Morning News | Federal Reserve officials send strong hawkish signals again, December rate cut in doubt

The crypto market has generally declined, with bitcoin and ethereum prices falling and altcoins experiencing significant drops. Hawkish signals from the Federal Reserve have affected market sentiment, and multiple project tokens are about to be unlocked. Early ethereum investors have made substantial profits, and expectations for a continued gold bull market persist. Summary generated by Mars AI. The accuracy and completeness of this summary, generated by the Mars AI model, are still being iteratively improved.

MarsBit2025/11/17 20:30
Mars Morning News | Federal Reserve officials send strong hawkish signals again, December rate cut in doubt

IOTA collaborates on the ADAPT project: Building the future of digital trade in Africa together

IOTA is collaborating with the World Economic Forum and the Tony Blair Institute for Global Change on the ADAPT project. ADAPT is a pan-African digital trade initiative led by the African Continental Free Trade Area. Through digital public infrastructure, ADAPT connects identity, data, and finance to enable trusted, efficient, and inclusive trade across Africa.

深潮2025/11/17 19:33
IOTA collaborates on the ADAPT project: Building the future of digital trade in Africa together