Franklin Templeton announced the expansion of its tokenized fund, now available on the Aptos blockchain. This opens new opportunities for institutional investors.
What is FOBXX?
Launched in 2021, FOBXX became the first U.S.-registered mutual fund to use blockchain technology, initially utilizing the Stellar network. Its shares are tokenized and represented by the BENJI token, maintaining equal value. The fund is regulated under the 1940 Act and invests at least 99.5% of its total assets in government securities and other financial instruments collateralized by these securities. With the Aptos expansion, FOBXX now operates on five different blockchains: Avalanche, Arbitrum, Stellar, Polygon, and Aptos. Investors may hold their wallets on the Aptos network, facilitating easier management of their digital assets.
Why Aptos?
Aptos was chosen due to its compatibility with Franklin Templeton's Benji blockchain-integrated system. The unique characteristics of Aptos meet the firm's rigorous suitability standards. Since its launch in October 2022, Aptos has become one of the top 25 digital assets by market capitalization. The network has seen considerable usage, with daily transaction volumes recently surpassing 3 million. According to DeFillama, the Aptos platform hosts over $576 million in total value locked across DeFi activities.
Strategic Acquisition: HashPalette
In October, Aptos Labs announced its acquisition of HashPalette Inc., a subsidiary of HashPort Inc. This acquisition will migrate the Palette blockchain and HashPalette’s applications to the Aptos Network, including the EXPO2025 DIGITAL WALLET for the upcoming Expo 2025 in Osaka, Japan. Aptos Labs aims to leverage HashPalette's strong relationships with major Japanese businesses, such as KDDI, to enter the Japanese market. This deal enables Aptos to drive Web3 adoption in sectors like entertainment, gaming, and digital assets. Meanwhile, holders of Palette Chain’s governance token, PLT, will be able to exchange their tokens for APT, Aptos's native token, starting in late November with a one-year lock-up period.
Partnerships and strategic acquisitions strengthen Aptos's position in the Japanese market, fostering Web3 technology adoption and creating an innovative blockchain ecosystem.