By Key Points
- Franklin Templeton Tokenized Fund expands to Coinbase’s L2 network, Base.
- Investors can access the fund through the Benji app, which integrates blockchain tech.
- The fund already operates on popular networks like Avalanche and Aptos.
- The base is rapidly growing, now holding over $8 billion in total value locked.
Franklin Templeton Tokenized Fund Debuts on Base
Base, a Layer-2 Ethereum network. This marks a significant milestone for the asset management industry, as Franklin Templeton becomes the first major traditional finance entity to engage directly with an Ethereum scaling solution.
The OnChain U.S. Government Money Market Fund (FOBXX) can now be traded through the Benji Investments mobile app, enhancing how investors interact with tokenized funds.
With the launch on Base, Franklin Templeton Tokenized Fund is poised to attract tech-savvy investors looking for seamless blockchain integration. The Benji app allows easy trading and custody of FOBXX shares, stored securely in digital wallets.
Anthony Bassili, Coinbase’s head of tokenization, commented on the collaboration, emphasizing its impact on investor confidence. “This is the first large asset manager to launch on Base, a clear signal of what’s to come,” he stated, pointing to the potential flood of institutional adoption.
The Base network, despite being relatively new, is making a powerful impression. Coinbase’s Q3 report revealed that Base has seen a 55% increase in transactions, with over $8 billion in total value locked.
This rapid adoption solidifies Base’s position as a competitive and innovative Layer-2 Ethereum network, attracting interest from various crypto enthusiasts and institutional players alike.
Breaking 💥
#FranklinTempleton’s $410M OnChain Money Market Fund is now live on #Coinbase’s Base
What you think about that?? pic.twitter.com/NjpddTFthv
— Engineer PD (@engineerpdcrypt) October 31, 2024
Why Franklin Templeton Tokenized Fund Chose Base
Expanding to Base was a strategic decision for Franklin Templeton’s Tokenized Fund. As the fund continues to explore blockchain technology, integrating with a secure and scalable Layer-2 network like Base opens up new opportunities.
The move also reflects the fund’s commitment to making traditional financial products accessible through decentralized platforms.
Base’s growing popularity isn’t just a fleeting trend. Data from L2Beat showcases its competitive edge, with Base surpassing other Ethereum Layer-2 solutions in terms of total value locked and transaction volume.
Franklin Templeton’s decision to join this platform highlights Base’s potential to reshape the landscape of blockchain-based finance.
Expanding Blockchain Presence Across Networks
Before integrating with Base, Franklin Templeton Tokenized Fund had already established a significant presence on various other blockchains.
The fund currently manages over $410 million in assets and has expanded to networks like Arbitrum, Polygon, Avalanche, Aptos, and Stellar. This diverse presence is part of the fund’s strategy to ensure accessibility and flexibility for investors across different ecosystems.
In October, Franklin Templeton Tokenized Fund made headlines when it launched on Aptos, a Layer-1 blockchain. The asset manager chose Aptos for its robust security and suitability for the Benji Investments platform. Avalanche was another key addition to the fund’s blockchain portfolio.
At the time of launch on Avalanche, Roger Bayston, head of digital assets at Franklin Templeton, highlighted the network’s strengths in decentralization and speed. This integration was designed to deliver high-quality investment opportunities within the digital asset space.
Templeton Tokenized Fund has also maintained a solid base on the Stellar network, which serves as the primary ledger for its recordkeeping. Additionally, investors can utilize networks like Polygon and Arbitrum to buy, sell, and trade FOBXX shares.
Franklin Templeton’s strategic presence on multiple blockchain networks demonstrates its commitment to remaining at the forefront of financial innovation.
As blockchain technology continues to transform the world of finance, Franklin Templeton Tokenized Fund is taking bold steps to ensure it remains relevant and accessible.
By embracing networks like Base, the fund continues to merge traditional finance with decentralized solutions, providing investors with innovative, efficient, and secure investment options.
