Franklin Templeton Expands Blockchain Fund to Avalanche Network

August 23, 2024 12:00 AM AEST | By Team Kalkine Media

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Franklin Templeton Expands Blockchain Fund to Avalanche Network — Image source: Shutterstock

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Franklin Templeton, a leading global asset management firm, has broadened its digital finance offerings by expanding its Franklin OnChain US Government Money Fund to the Avalanche network. This move marks the launch of what is described as the first blockchain-integrated money market fund on Avalanche, enhancing institutional access to digital finance.

Launched in 2021, the Franklin OnChain US Government Money Fund integrates blockchain technology through Franklin Templeton’s proprietary record-keeping system, Benji Investments. The fund’s expansion to Avalanche (AVAX) is part of Franklin Templeton’s ongoing digital asset initiatives, reflecting the firm's commitment to leveraging blockchain technology since 2018.

Wu, a spokesperson for Franklin Templeton, emphasized the strategic importance of this expansion, calling it a foundational step in the firm's blockchain strategy. The addition of Avalanche to the fund's offerings aligns with the firm’s broader goal of integrating traditional financial products with emerging digital technologies.

In parallel with the Avalanche expansion, Franklin Templeton has also applied to the United States Securities and Exchange Commission for approval of a new exchange-traded fund (ETF), the Franklin Crypto Index ETF. This ETF is designed to provide a comprehensive portfolio that tracks the performance of the CF Institutional Digital Asset Index, further diversifying the firm's digital asset offerings.

Additionally, Franklin Templeton announced the launch of the Franklin OnChain US Government Money Fund on Arbitrum on August 8. This initiative aims to bridge traditional finance with decentralized finance, offering tokenized shares on Arbitrum that facilitate low-risk investment opportunities.

With the inclusion of Avalanche, alongside existing networks like Arbitrum, Stellar, and Polygon, Franklin Templeton continues to expand its digital asset footprint, offering a broader range of blockchain-integrated financial products. This strategic expansion underscores the firm's commitment to advancing the integration of digital and traditional financial systems.

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