• Franklin Templeton launches OnChain U.S. Government Money Fund on Polygon blockchain with $270 million in assets under management.
• The first U.S.-registered mutual fund to use a public blockchain for processing transactions and recording share ownership.
• Investors can gain exposure to the Fund through Benji Investments app, available in mobile app stores.
Franklin Templeton Launches Money Market Fund on Polygon
Franklin Templeton, one of the largest investment management firms in the world, has just launched its money market fund on Polygon blockchain. The OnChain U.S. Government Money Fund is the first U.S.-registered mutual fund to use a public blockchain to process transactions and record share ownership with $270 million under management.
Fund Managed by Franklin Templeton
The fund is managed by Franklin Templeton, an investment management firm with about $1.4 trillion in assets under management worldwide. One share of the Franklin OnChain U.S Government Money Fund is represented by one BENJI token and investors can gain exposure to the Fund in digital wallets through the Benji Investments app, available in mobile app stores.
Bear Market affecting Cryptocurrency Industry
The cryptocurrency market has been experiencing a severe bear market for over a year and a half leading to asset price decreases, bankruptcies, and troubles with regulators across the industry . However, it seems like some institutions are beginning to return as seen from this launch from Franklin Templeton on Polygon’s blockchain network..
Benefits of Tokenized Assets
Tokenized assets bring transparency and interoperability that help democratize access to financial instruments while ensuring security on digital networks such as Ethereum-based blockchains like Polygon’s Layer 2 (L2) blockchain platform,.
Overall, this launch from Franklin Templeton shows that large institutions are slowly beginning to enter into cryptocurrency space despite bear markets and other issues that have plagued the industry for some time now. This could be indicative of larger trends towards institutional adoption as tokenized assets become more commonplace across various industries