Quick take:
- Institutional investors can allocate the funds using their crypto wallets on the Benji Investments Platform.
- FOBXX is the first and only U.S.-registered fund to use a public blockchain as the system of record to process transactions and record share ownership.
- Launched in 2021, FOBXX also expanded to the Avalanche blockchain in August.
Franklin Templeton, the $1.6 trillion asset management firm is expanding its OnChain U.S. Government Money Fund (FOBXX) to Aptos blockchain. This launch marks a significant step in the tokenised real-world asset money fund it will now be available on non-EVM blockchain environments. The announcement follows FOBXX’s recent expansion to the EVM-compatible blockchain Avalanche.
Launched in 2021, the FOBXX tokenised fund boasts $420 million in assets under management, with each share of the fund represented by one BENJI token, the native token of the Benji Investments platform, Franklin Templeton’s proprietary blockchain-integrated recordkeeping system.
Institutional investors will be able to allocate funds using their crypto wallets on the platform. They may also hold their wallets on the Aptos blockchain should they choose to.
FOBXX is the first and only U.S.-registered fund to use a public blockchain as the system of record to process transactions and record share ownership.
Commenting on the announcement, Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation said in a statement: “Franklin Templeton’s willingness to innovate in the name of a truly decentralised and accessible financial future is inspiring. To reach that future, we need to connect not just the TradFi and DeFi worlds, but EVM and non-EVM networks as well.”
“Integrating the Benji Investments platform with the Aptos Network is a massive step in the right direction and we look forward to welcoming them to the Aptos ecosystem.”
The U.S. asset management firm has been operating in the digital asset space since 2008, including running nodes, building blockchain-based solutions and a range of investment strategies.
Roger Bayston, Head of Digital Assets at Franklin Templeton commented: We chose the Aptos Network given its unique characteristics which meet our rigorous suitability standards for the Benji platform. Today’s announcement is an important milestone in our ongoing journey to unlock new asset management capabilities with blockchain technology.”
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