• Franklin Templeton has launched its OnChain U.S. Government Money Fund on the Polygon blockchain, managing around $270 million in assets.
• It is the first U.S.-registered mutual fund to use a public blockchain to process transactions and record share ownership.
• Investors can gain exposure to the Fund in digital wallets through the 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 world with about $1.4 trillion in assets under management, has extended its OnChain U.S. Government Money Fund to the Polygon blockchain – making it the first U.S.-registered mutual fund to use a public blockchain for transaction processing and share ownership recording with $270 million under management.
BENJI Token Representation
One share of the Franklin OnChain U.S. Government Money Fund is represented by one BENJI token, allowing investors to access these funds via an Ethereum-based Layer 2 (L2) blockchain platform which provides secure and transparent access to financial instruments through digital wallets such as Benji Investments app available on mobile app stores.
Turning Tide For Crypto Market
The cryptocurrency market has been experiencing a severe bear market for over a year now with dramatic asset price decreases, bankruptcies, and regulatory troubles taking their toll on investors’ confidence; however it appears that institutions are beginning return as Franklin Templeton’s move indicates optimism for further institutional investments into crypto markets in future .
Goal of Fund Extension
The goal of extending this fund onto Polygon is twofold: firstly, it provides additional compatibility with rest of digital ecosystem; secondly, it allows diversifying from traditional centralized structures into decentralized ones thus reducing risk and providing more freedom for investors who prefer more control over their investments without relinquishing quality standards or safety measures offered by traditional institutions like Franklin Templeton .
This move by Franklin Templeton is indicative of increasing confidence in cryptocurrencies as well as a positive sign that traditional institutions are willing to explore new ways of investing while still adhering to strict regulatory protocols set out by governing bodies such as SEC or FINRA thus improving trust within cryptocurrency marketplaces .