Franklin Templeton and SBI Team Up for Joint Crypto Business in Japan

Franklin Templeton signs an MoU with SBI Holdings to establish a joint venture in Japan.

Benjamin Franllin in Japan following the blockchain route.
Created by Kornelija Poderskytฤ— from DailyCoin
  • Franklin Templeton has announced a new partnership.
  • The partnership will help the asset manager tap the Japanese market.
  • The company is keen on launching crypto-related services under Japanโ€™s evolving regulation.

U.S. investment firm Franklin Templeton and SBI Holdings have agreed to set up a joint digital asset management company in Japan.

The U.S.-based Sovereign Wealth Fund Institute ranks Franklin Templeton as the seventh-largest asset manager in the world, holding about $1.6 trillion in assets under management (AUM). The company runs a $450.88 million spot Bitcoin ETF listed on Cboe.

Franklin Templeton and SBI Joint Venture  

According to a statement dated July 26, Franklin Templeton has signed a Memorandum of Understanding (MoU) with SBI Holdings to establish a joint venture (JV) that will push financial services capabilities and reach across Japan.

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Through the Franklin and SBI joint venture, the companies aim to provide local investors with โ€œgreater accessโ€ to diversified and emerging asset classes, such as cryptocurrencies.

โ€œAs regulations related to digital assets and ETFs continue to evolve in Japan, the proposed JV will seek to enable new synergies by leveraging Franklin Templeton's experience with tokenized money market funds and digital assets-backed ETFs in the US,โ€ the statement read.

Jenny Johnson, President and CEO of Franklin Templeton, lauded the development, noting that the asset manager was poised to benefit from the extensive reach of SBIโ€™s brand among Japanโ€™s younger audience.

โ€œThis aligns well our commitment to help this new generation of investors achieve their goals through our future-focused investment solutions,โ€ Johnson stated. โ€œIt also represents a tremendous step forward to broaden our client reach and solidify our commitment in the market.โ€

Todayโ€™s development marks the second Web3-centric joint venture established by SBI Holdings in Japan in under two months. On May 9, the company announced a partnership with Chiliz to offer sporting fan tokens to Japanese enthusiasts. SBI said the partnership would join the Chiliz Chain as a node operator.

Read about Circleโ€™s recent partnership with SBI Holdings:
Circle Taps SBI Holdings to Broaden USDC Circulation in Japan

Stay updated on how Franklin Templeton endorsed Solana:
Franklin Templeton Endorses Solana Again, Praising Tech and Adoption

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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