- Embracing Blockchain for Financial Innovation
- Benji Platform Functionality
- Avalanche’s Growing Ecosystem
Franklin Templeton, a leading asset management company, is expanding its blockchain services by offering its innovative on-chain money market fund on the Avalanche network. This move increases the accessibility of the Franklin OnChain U.S. Government Money Fund (FOBXX), the first U.S. registered mutual fund that uses public blockchain technology.
Embracing Blockchain for Financial Innovation
Blockchain, smart contracts, and tokenization are being adapted by institutions to improve the financial sector. Avalanche has gained popularity due to its EVM compatibility, fast transactions, and low fees, attracting both buy-side and sell-side institutions aiming to develop their digital asset management strategies. Since 2018, Franklin Templeton Digital Assets has been at the forefront of blockchain technology, providing solutions, operating node validators, and developing various investment strategies. The company's digital assets research team consists of 'tokenomics' specialists, supported by data scientists and industry insiders.
Benji Platform Functionality
Each BENJI token is equivalent to one share of the $420 million Franklin OnChain U.S. Government Money Fund. Benji wallet holders can now use their USDC stablecoins to invest in FOBXX shares and transfer these shares between users on the public ledger. Future plans may include secondary market trading and enhanced collateral mobility within the fund.
Avalanche’s Growing Ecosystem
The integration of Avalanche with FOBXX comes as the network's total value locked (TVL) has increased since Q3 2023, despite the AVAX token price declining by 8% in the past 24 hours. Franklin Templeton is extending its fund across various blockchain networks to attract more investors.
The expansion of FOBXX to the Avalanche network demonstrates Franklin Templeton's commitment to financial innovation and increasing the accessibility of their products to investors.
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