- Franklin Templeton’s OnChain U.S. Government Money Fund is now available on the Polygon blockchain.
- The fund currently manages around $270 million in assets.
- It’s the first U.S.-registered mutual fund to use a public blockchain to process transactions and record share ownership.
The cryptocurrency market has been experiencing a severe bear market for the past year and a half. Dramatic asset price decreases, numerous bankruptcies, and troubles with regulators have taken the industry aback.
However, it seems like the tide is starting to turn, and some institutions are returning. For example, Franklin Templeton, one of the largest investment management firms in the world, has just launched its money market fund on Polygon.
Franklin Templeton Launches Money Market Fund on Polygon
Franklin Templeton, an investment management firm with about $1.4 trillion in assets under management, has extended its OnChain U.S. Government Money Fund to the Polygon blockchain.
The OnChain U.S. Government Money Fund is the first U.S.-registered mutual fund to use a public blockchain to process transactions and record share ownership with $270 million under management.
“Extending the reach of the Franklin OnChain U.S. Government Money Fund to Polygon enables the Fund to be further compatible with the rest of the digital ecosystem, specifically through an Ethereum-based blockchain. This furthers our distribution reach through a Layer 2 (L2) blockchain that has a proven track record,” said Roger Bayston, Head of Digital Assets at Franklin Templeton.
One share of the Franklin OnChain U.S. Government Money Fund is represented by one BENJI token. Token holders can gain exposure to the Fund in digital wallets through the Benji Investments app, available in mobile app stores.
“When we take a step back and look at these things less as blockchain products and more as benefits created by utilizing blockchain rails, we start to see the ‘why’. Tokenized assets are going to positively rewire the global financial system, and Franklin Templeton is at the forefront of this movement,” said Colin Butler, Global Head of Institutional Capital at Polygon Labs.
On the Flipside
- $270 million is less than the $1.4 trillion Franklin Templeton manages.
Why You Should Care
It’s encouraging to see institutions embracing crypto despite all of the chaos in the past year and a half.
Read more about Polygon’s open letter to EU lawmakers:
Read more about Gary Gensler referring to crypto as not securities: