Franklin Templeton, a leading global asset management firm, is making waves in the financial world with its latest move. The company has expanded its Franklin OnChain US Government Money Fund to the Avalanche blockchain network, offering investors more choice and accessibility.
Franklin OnChain Program
This fund, which first launched in 2021, is now available on Avalanche, making it a “first-of-its-kind onchain money market fund” on this layer-1 blockchain. This expansion allows institutional investors to benefit from Franklin Templeton’s advanced blockchain-integrated record-keeping system, Benji Investments. Investors can hold their wallets on the Avalanche network if they meet certain criteria.
Blockchain Technology Benefits
Franklin Templeton’s venture into Avalanche is part of its broader digital asset strategy, reflecting its commitment to blockchain technology, which it has been exploring since 2018. The tokenized money market fund, launched earlier this year, aims to offer investors a secure and efficient way to access a traditional financial product through blockchain technology. By leveraging the benefits of blockchain, such as transparency, immutability, and 24/7 accessibility, the fund seeks to provide investors with a more modern and innovative investment experience.
Ava Labs Leadership's Opinion
John Wu, President of Ava Labs, expressed enthusiasm about this development. He highlighted that Franklin Templeton’s move aligns to create transformative digital financial products. Wu emphasized that this expansion represents a significant shift stating, ”Blockchain and tokenization enable traditional finance to more easily reach people and businesses, offering new capabilities that are not possible via traditional rails.”
Franklin Templeton’s expansion of its fund to the Avalanche blockchain highlights the company’s efforts in digital assets and the potential for blockchain technology to transform traditional financial products.
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