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Cryptocurrency News Articles
Franklin Templeton Expands Its Tokenised Fund FOBXX to Aptos Blockchain
Oct 03, 2024 at 11:43 am
Trillion-dollar asset managers Franklin Templeton have joined the Web3 party over the past few years, becoming one of the industry's staunchest advocates.
Asset manager Franklin Templeton has several blockchain-related ventures, including a spot Bitcoin ETF, an upcoming mutual fund on Solana, and the popular tokenised fund FOBXX.
The importance of massive institutions like Franklin entering the crypto scene can't be overstated, adding an air of legitimacy and prestige to what is now a fully entrenched financial sector.
And Franklin is showing no signs of slowing down its adoption, announcing the expansion of its tokenised fund to a new blockchain.
Related: ANZ Joins Chainlink, Singapore's MAS Project Guardian for Tokenised Real-World Assets
TradFi and DeFi Draw Closer Together as Franklin Templeton Partners with Aptos
Franklin's tokenised fund is the second-largest on the market, enjoying a market cap of US $435m (AU $631m). The OnChain US Government Money Market Fund (FOBXX) has garnered popularity thanks to its investment in risk-averse assets like US Treasury securities – paired with the efficiency of a distributed ledger.
The financial institution is now bringing its on-chain fund to a fifth blockchain – the Layer 1 project Aptos.
Aptos is a relatively new L1, based on the unsuccessful venture from Meta (formerly Facebook) in building the decentralised payment system Libra.
One of Aptos' clear goals is to integrate traditional financial products into the DeFi universe, something they have edged closer toward with their partnership with Franklin.
BENJI Tokens to be Distributed on Aptos Chain
Aptos joins Ethereum (through the L2 network Arbitrum), Stellar, Polygon and Avalanche as the blockchain networks collaborating with Franklin to offer FOBXX.
According to Franklin, their in-house blockchain-based ledger Benji, was able to be seamlessly integrated with the Aptos Network.
One BENJI token is equivalent to one share of the tokenised fund.
A key reason for Aptos' partnership with the asset managers is due to the network's coding language. Aptos uses Move, which makes the protocol unique compared to L1 alternatives like Ethereum which uses the more popular Solidity language.
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