New York, NY – Franklin Templeton, a giant in global asset management, is making waves again. This time they are expanding their blockchain game by bringing their groundbreaking on-chain money market fund to the Avalanche network. If you’re keeping an eye on the world of tokenized assets, this is another sign that Avalanche is cementing its place in the digital finance world.
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Franklin Templeton’s OnChain US Government Money Fund (FOBXX) – launched in 2021 – is not your typical mutual fund. It is the first and only U.S. registered mutual fund to use 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 like Avalanche, they can now keep those wallets on the network, assuming they meet the eligibility criteria. John Wu, president of 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 to bring off-chain capital and new users into this growing ecosystem.”
John Wu, president of Ava Labs
Franklin Templeton uses Avalanche for tokenized fund
It’s no secret that institutions are eyeing blockchain, smart contracts and tokenization to revolutionize financial services. Many are already using Avalanche’s speed, low cost, and EVM compatibility for their digital asset strategies. The adaptability of the network and the finality of transactions within a second make it an attractive option for serious players.
Since diving into blockchain in 2018, Franklin Templeton has been busy. They build solid blockchain-based solutions, run validators and develop innovative investment strategies. Their digital asset research team digs deep into ‘tokenomics’ and draws insights from a data science team and industry experts to guide their decisions.
Roger Bayston, Head of Digital Assets at Franklin Templeton, is excited about the move to Avalanche.
“Extending our Benji platform to Avalanche means more people will have access to our unique tokenized money market fund. We look forward to working with Avalanche’s vibrant developer community to bring new blockchain innovations to market.”
Roger Bayston, Head of Digital Assets at Franklin Templeton
BENJI tokens unlock new investment opportunities
Here’s where things get interesting: one share of the $420 million Franklin OnChain US Government Money Fund is now represented by one BENJI token. Benji wallet holders can now also use USDC stablecoin to purchase shares of FOBXX and can even transfer shares peer-to-peer on the blockchain. The future? Consider secondary market trading and improved collateral mobility.
For those who want to dive in, individual investors can use the Benji Investments app on Android and Apple devices. Institutions? Then the Benji Institutional web portal is for you.
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About avalanche
Avalanche is a powerful smart contract platform known for its speed and scalability. Transactions are regularly completed within a second, thanks to the advanced consensus protocol. Developers can easily create custom blockchain solutions using Avalanche’s Subnet infrastructure and HyperSDK toolkit. It is an eco-friendly, flexible playground for Web3 development.
About Franklin Templeton
Franklin Templeton [NYSE] is a global investment giant serving clients in more than 150 countries. They offer a wide range of investment strategies, from fixed income and equities to alternatives and multi-asset solutions. With more than 1,500 investment professionals and more than $1.6 trillion in assets under management as of July 31, 2024, they bring 75 years of expertise. Learn more at franklintempleton.com.