ARB
by BSC News
August 8, 2024
The fund is now accessible through the Benji Investments platform, allowing investors to manage their assets using digital wallets.
Franklin Templeton, a global asset management company, launched its OnChain U.S. Government Money Fund (FOBXX) on Arbitrum, the leading Ethereum Layer 2 blockchain. The global asset manager introduced FOBXX in 2021 as the first and only U.S.-registered fund to leverage a public blockchain for transaction processing and share ownership records.
FOBXX initially launched on the Stellar Layer 1 network, and later expaned to the Polygon network in April 2023.
Steven Goldfeder, CEO and Co-Founder of Offchain Labs—the core contributors to Arbitrum—expressed excitement about the partnership, stating:
“Franklin Templeton's commitment to innovation aligns with our mission to provide scalable and efficient solutions for the financial sector. We are excited to see Franklin Templeton join the Arbitrum ecosystem and look forward to the transformative impact their participation will bring to our community.”
As per reports, The decision to launch FOBXX on Arbitrum aligns with Franklin Templeton’s broader strategy of embracing decentralized finance. This collaboration is expected to accelerate the integration of DeFi within traditional financial services, providing a seamless experience for investors who wish to gain exposure to blockchain-based assets.
"Expanding into the Arbitrum ecosystem is an important step on our journey to empower our asset management capabilities with blockchain technology," said Roger Bayston, Head of Digital Assets at Franklin Templeton. "We are enthusiastic about the opportunities this partnership will unlock for our firm and our clients."
Investors can now access FOBXX through the Benji Investments platform, where they can manage their investments using digital wallets. The platform’s integration with Arbitrum allows investors to utilize the network upon request, subject to eligibility requirements.
The launch of FOBXX on Arbitrum comes at a time when on-chain treasuries are experiencing significant growth. According to data from Rwa[dot]xyz, the market cap of on-chain treasuries has surged by 146% in 2024, reaching $1.89 billion.
FOBXX has contributed to this growth, with its market cap increasing by 26.7% since the start of the year, now standing at $412.7 million. It ranks as the second-largest on-chain treasury fund, behind only the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which has reached a market cap of $510.3 million since its launch in March 2024.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Related News
Latest News
2h : 13m ago
FBI Finds Crypto Fraud Losses Hit $5.6B in 2023, Up 45% from 2022
3h : 43m ago
a16z Crypto Selects 21 Startups for Fall 2024 Accelerator Cohort
September 9, 2024
Ether.Fi Partners with Scroll to Launch Crypto-Backed Visa Credit Card
September 9, 2024
Tether Invests $100M in Adecoagro, Securing 9.8% Stake in Agricultural Giant
September 9, 2024
Friend.Tech Faces Uncertain Future After Transferring Control of Smart Contracts
September 9, 2024
What Is the Telegram-Based Catizen Game?
September 7, 2024
Weekly Article Recap: 9/02-9/06
September 6, 2024
Aptos Welcomes Brevan Howard, BlackRock, and Hamilton Tokenized Funds by Libre
More News