- Franklin Templeton has expanded its OnChain U.S. Government Fund On Polygon.
- The expansion is part of the investment firm’s effort to increase operational efficiency through blockchain-integrated systems.
- The fund’s debut on Polygon will help it tap into the Ethereum ecosystem and bring more value for investors.
- The money market fund was first launched on the Stellar blockchain in 2022.
Franklin Templeton has launched its OnChain U.S. Government Money Market Fund (FOBXX) on Polygon, arguably the most popular Ethereum scaling solution. The New York-based investment giant, which boasts a whopping $1.4 trillion in assets under management (AUM), announced earlier today that its OnChain market fund was supported on Ethereum via Polygon.
Franklin Templeton May Extend To Networks Beyond Polygon
In a press release earlier today, Franklin Templeton described Polygon as a Layer 2 (L2) blockchain with a proven track record which will help it further the distribution of its OnChain money market fund. The expansion is part of the investment firm’s efforts to increase its operational efficiency through blockchain-integrated systems. The aim is to bring more value for the fund’s shareholders by enhancing security, reducing costs, and enabling faster transaction processing.
Extending the reach of the Franklin OnChain U.S. Government Money Fund to Polygon enables the Fund to be further compatible with the rest of the digital ecosystem, specifically through an Ethereum-based blockchain.”Roger Bayston, Head of Digital Assets at Franklin Templeton.
Going live on Polygon will help Franklin Templeton tap into the Ethereum ecosystem which gives access to a $260 billion market. The fund’s first blockchain debut came in 2021 when it was launched on the Stellar network. The OnChain U.S. Government Money Market Fund is the first U.S.-registered mutual fund to use a public blockchain to process transactions and record share ownership.
One share of the fund is represented by one BENJI token. BENJI token holders can gain exposure to the money market fund in digital wallets using the Benji investments application. Meanwhile, Franklin Templeton CEO Jenny Johnson believes that the future of the crypto industry will be regulated and that industry players need to accept it. Her comments came during the Consensus Festival earlier today.