Franklin Templeton lists fund on Aptos blockchain

Table of Contents

Follow Us @

Franklin Templeton lists fund on Aptos blockchain
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.

Wall Street giant Franklin Templeton announced the migration of its Nasdaq-listed On-Chain US Government Money Fund (FOBXX) to the Aptos blockchain. The holding company announced the change this Wednesday (2) as an important step towards innovation and the construction of a truly decentralized and accessible financial future.

Aptos is the blockchain responsible for the APT cryptocurrency, which occupies the 30th position in the ranking of highest market value among digital assets. The project was developed by the team involved in the now extinct Diem, Meta’s digital currency project.

The Aptos network allows developers to create decentralized applications (dApps), launch tokens and other digital projects. According to Roger Bayston, head of digital assets at Franklin Templeton, the choice of Aptos was based on its unique characteristics, which meet the company’s strict criteria for use on the Benji platform.

YOU MAY HAVE MISSED:

SEC Sues Crypto Firm Consensys, Here's Why

The FOBXX fund is a digitized product that allows investors to allocate resources into US government bonds, cash and repurchase agreements. Investors can purchase shares in the fund and store them in digital wallets through the Benji Investments mobile application, developed by Franklin Templeton.

Franklin Templeton migrates fund to Aptos blockchain

The initiative to integrate FOBXX with the Aptos blockchain is not Franklin Templeton’s first foray into the world of cryptocurrencies and blockchains. After all, the company has already inserted the fund into several blockchains, such as Avalanche, Arbitrum, Stellar and Polygon. The most recent integration, before Aptos, was with the Avalanche network, in August this year.

Franklin Templeton claims that FOBXX is the first and only registered fund in the United States to use a public blockchain as a system of record to process transactions and record share ownership. This strategy reflects the manager’s vision of exploring new technologies to improve efficiency and accessibility in the financial sector.

The company has been approaching the crypto market since 2019, when it began digitizing shares of a money market fund on the Stellar blockchain. Furthermore, in 2021, it announced the creation of a venture capital fund focused on digital assets, demonstrating its commitment to innovation in the financial sector.

YOU MAY HAVE MISSED:

Tether invests US$100 million in tokenization company operating in Brazil

Following the announcement, the price of the APT token, native to the Aptos blockchain, rose about 2% to $7.86, according to data from CoinGecko.