Haider Jamal

Apr 26, 2023

OnChain Fund Launched On Polygon By Franklin Templeton

Franklin Templeton, one of the biggest asset managers in the world, has announced that its OnChain Nasdaq-listed United States Government Money Fund (FOBXX) shall utilize Polygon to be further in sync with the rest of the digital ecosystem going forward.

The asset manager has a long history with cryptocurrency. It launched a digital asset venture fund a couple of years ago and began digitizing shares for a money market fund on the Stellar blockchain back in 2019.

FOBXX is the main crypto product provided by Franklin Templeton that invests in U.S. government securities, cash, and repurchase agreements. It has more than $270 million in AUM (Assets Under Management) at the moment. It is also the first fund registered in the United States to use blockchain technology for handling transactions and documenting share ownership.

Expanding the influence of the FOBXX to Polygon allows the fund to be further compatible as previously mentioned, particularly via an Ethereum based blockchain, said Roger Bayston, Head of Digital Assets at Franklin Templeton.

Colin Butler, the Global Head of Institutional Capital at Polygon Labs, added that Franklin Templeton is a pioneer when it comes to tokenizing assets. As such, investors can purchase FOBXX shares and store them in digital wallets using the Benji Investments mobile application.

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