One of the world’s largest asset managers, Franklin Templeton, that manages $1.66 trillion AUM has announced the release of the Franklin OnChain U.S. Government Money Fund (FOBXX) on the Arbitrum, an Ethereum Layer 2 side chain.
Key Expansion for Franklin Templeton
The first of many such implementations, this sees new areas successfully ventured into by Franklin Templeton in the blockchain realm, which renders it a forerunner in investment that is backed by blockchain technology. The previous version of the Franklin OnChain U.S. Government Money Fund (FOBXX), which operated on the Stellar and Polygon blockchains, has now been upgraded to a new version that the investors have access to on Arbitrum.
Their collaboration with the Arbitrum Foundation and the integration via Benji Investments, Franklin Templeton’s blockchain-integrated platform, enables users to store the fund in digital wallets on Benji and the Arbitrum network. Franklin Templeton’s involvement in this project is a great way to show the company’s determination to innovation in the fintech space.
Steven Goldfeder, co-founder and CEO of Offchain Labs, was quoted saying the following about this happy development, “The innovation trajectory of Franklin Templeton is in keeping with the education we offer that addresses the exponentiality and the greener and more accessible solutions needed in the communities that are underserved”. The company is thrilled to have Franklin Templeton as a partner in the Arbitrum ecosystem. We are excited to have the transformative impact that their collaborations will bring to our community.”
The head of digital assets at Franklin Templeton, Roger Bayston, was quoted saying, “Becoming a part of the Arbitrum ecosystem is a vital move for us, as it will allow us to incorporate the blockchain technology into our asset management capabilities. Browns hard work and an even harder task are the payments that he is expected to make. Steve is doing the best he can, but in the current situation, it is as difficult as attempting to drain the ocean of its water with a spoon”.
Competition and Market Presence
FOBXX grew from a fund per country stated in rwa.xyz that our fund is having a market cap of a proud $412 million as of August 8. This figure is only behind BlackRock’s USD Institutional Digital Liquidity Fund, which is the largest with a $510 million as well as the ahead of Ondo Finance’s Ondo U.S. Dollar Yield (USDY), which has the market cap of $299 million.
Franklin Templeton’s Continued Innovation
F.T has been among the first to use DLT tech since the time of its acquiring the unit for digital accusations establishment in 2018. The firm also works the node villagers and has provided the clients with different sorts of cryptocurrency options among which there is a spot Bitcoin ETF with net assets of over $363 million.
The introduction of a money market on Arbitrum is a proof of Franklin Templeton’s ongoing efforts to incorporate the cutting-edge technology into the asset management strategies, thus providing the most advanced and effective investment solutions to investors and in this way meeting their demand.
