Franklin Templeton’s OnChain US Government Money Fund (FOBXX) has expanded its presence in the Cryptocurrency ecosystem by launching on the Aptos network, adding a fifth network to its offering.
According to what was stated, institutional investors can allocate funds using your cryptocurrency wallets on the platformwith the option to keep your assets on the Aptos network. This move not only diversifies Franklin Templeton’s investment options, but also promises to increase liquidity and efficiency in asset management.
Franklin Templeton’s fund uses the Benji Investments platform, where each share in the fund is represented by a token called BENJI. This token is an integral part of Franklin Templeton’s proprietary record-keeping system, which integrates directly into blockchains to ensure transparency and transaction tracking.
The launch on Aptos marks a milestone, since this network, like Stellar, is not compatible with the Ethereum Virtual Machine (EVM). The latter, differentiating itself from the networks where FOBXX already operates, such as Polygon, Arbitrum and recently Avalanche, which are compatible with EVM. This expansion demonstrates Franklin Templeton’s intention to operate on a broader spectrum of networks, increasing the interoperability of its assets.
FOBXX, a US-registered fund, uses public blockchains as a system of record to manage its transactions and share ownership. This fund, what counts With $427.9 million in total net assets, it invests in U.S. government securities, including fixed, floating and floating rate bonds, as well as repurchase agreements backed by government securities or cash.
With more than 20 million dollars already deposited through the Aptos network, FOBXX establishes itself as a pioneer in the integration of traditional investment funds with this emerging technology.
Aptos, the network chosen for this expansion, is a layer 1 Blockchain based on the Move programming language, originally developed by a team working on the Diem project from Meta (formerly Facebook Inc). Its focus is on offering a faster and more scalable platform than other networks, and has seen a steady increase in its monthly activity, reaching more than 319 thousand active addresses since its launch, in January 2023.
Bashar Lazaar, Head of Grants and Ecosystem at the Aptos Foundation, commented that Franklin Templeton’s willingness to innovate on behalf of a truly decentralized and accessible financial future “is inspiring.”
“To achieve that future, we need to connect not only the TradFi and DeFi worlds, but also the EVM and non-EVM networks. The integration of the Benji Investments platform with the Aptos network is a great step in the right direction,” said Lazaar.
This initiative not only reflects Franklin Templeton’s adaptation to new technologies, but also opens the way for other funds or institutions to follow its example, expanding the frontier of traditional finance towards the technology inherent to Bitcoin.
The relevance of Aptos in this context is reinforced for his recent participation in a hackathon reported by CriptoNoticias, held on September 25 and 26 in Puebla, Mexico, underscoring its commitment to innovation in the cryptocurrency space.
Roger Bayston, head of Digital Assets at Franklin Templeton, said that the choice of Aptos is based on the characteristics of that protocol, which “meet our rigorous suitability standards for the Benji platform.”
Despite the news about the arrival of Franklint Templeton’s fund, the price of APT, the native cryptocurrency of the Aptos network, had no particular movements that could be attributed to that news.
This article was created using artificial intelligence and edited by a human Editor.
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