Franklin Templeton, a major player in traditional finance, has expanded its OnChain U.S. Government Money Fund (FOBXX) to the Avalanche network. This move marks a significant step in integrating traditional financial products with blockchain technology.
Avalanche, known for its fast and scalable blockchain platform, is home to the AVAX cryptocurrency. This expansion allows institutional investors to access Franklin Templeton’s fund through digital wallets on the Avalanche network via its Benji Investments platform. This integration is part of Franklin Templeton’s broader strategy to merge traditional finance with blockchain technology.
The FOBXX fund allows investors to place cash into U.S. government securities and repurchase agreements, with shares available for purchase and storage in digital wallets through the Benji Investments app.
This development follows Franklin Templeton’s recent addition of FOBXX compatibility with the Arbitrum network, another Ethereum scaling solution. The firm, which first entered the blockchain space in 2018 with a money market fund on the Stellar blockchain, has since made notable strides, including launching a spot Bitcoin ETF and an Ethereum ETF earlier this year.
