• Franklin Templeton, a large investment management firm, has launched its OnChain U.S. Government Money Fund on the Polygon blockchain.
• The fund currently manages around $270 million in assets and is the first U.S.-registered mutual fund to use a public blockchain for transactions and share ownership records.
• The BENJI token provides investors with access to the Fund through digital wallets such as the Benji Investments app.
Franklin Templeton Launches Money Market Fund on Polygon
Franklin Templeton, one of the largest investment management firms in the world with about $1.4 trillion in assets under management, has extended its OnChain U.S. Government Money Fund to the Polygon blockchain. Currently managing around $270 million in assets, it’s the first U.S.-registered mutual fund to use a public blockchain for processing transactions and recording share ownership records.
The BENJI token represents one share of the Franklin OnChain U.S Government Money Fund and allows investors to gain exposure through digital wallets such as Benji Investments app which is available in mobile app stores. Through this digital wallet, investors can purchase units of BENJI tokens that represent their stake in the fund without having to go through traditional financial intermediaries or brokers who charge additional costs for their services..
Democratizing Access To Financial Instruments
By launching its money market fund on Polygon’s Layer 2 (L2) blockchain, Franklin Templeton is bringing transparent, interoperable and secure democratized access to financial instruments that were previously only accessible by large institutions or accredited investors who could afford high minimum investments amounts or other fees associated with traditional financial service providers..
Crypto Market Turning Around?
The cryptocurrency market has been experiencing a severe bear market for over a year and a half but it seems like things are starting to turn around as some institutions are returning back into this space, indicating some potential recovery from this long period of bearishness..
It appears that institutional interest in crypto-assets is returning as more firms are beginning to explore how they can take advantage of public blockchains for their operations – both from an asset management perspective as well as from a cost-saving standpoint due to fewer middlemen involved in transactions compared with traditional finance companies