Franklin Templeton Gandeng Avalanche - Bittime

Bittime – Franklin Templeton, one of the leading asset management firms, has expanded its blockchain product offering by offering its innovative on-chain money market fund on the Avalanche network.

This strategic move increases the accessibility of the Franklin OnChain U.S. Government Money Fund (FOBXX), the first mutual fund in the US to use public blockchain technology to process transactions and maintain share ownership.

Franklin OnChain U. S. Government Money Fund di Avalanche

The Franklin OnChain U.S. Government Money Fund, which launched in 2021, is the only U.S. mutual fund that uses a public blockchain to process transactions and record stock ownership.

Investors can invest in these funds via digital wallets on the Benji Investments platform, Franklin Templeton's blockchain-based system of record.

With this expansion, qualified institutional investors can now hold these digital wallets on the Avalanche network.

John Wu, President of Ava Labs, expressed his enthusiasm about the collaboration, saying that the Avalanche platform aligns with Franklin Templeton's vision for digital financial innovation.

That way, the goal of meeting current on-chain investor demand and integrating off-chain capital into the ecosystem will be achieved.

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Adopting Blockchain for Financial Innovation

Blockchain, smart contracts, and tokenization are being adopted by financial institutions to improve the financial services sector.

Avalanche has gained popularity due to its EVM compatibility, fast and final transaction times, low fees, and flexibility.

These features have attracted the interest of both buy-side and sell-side institutions aiming to develop their digital asset management plans.

Franklin Templeton Digital Assets as a Blockchain Technology Pioneer

Franklin Templeton Digital Assets has been a pioneer in blockchain technology since 2018, providing solutions, operating validator nodes, and developing various investment strategies.

The company's digital asset research team consists of 'tokenomics' specialists supported by data scientists and industry insiders, who help the company in creating new products and investments.

Each BENJI token is equivalent to one share of the $420 million Franklin OnChain U.S. Government Money Fund.

Franklin Templeton has also announced improved functionality of this fund compared to other products in the financial markets.

Benji wallet holders can now swipe their USDC stablecoins to invest in FOBXX shares and transfer these shares P2P on the public ledger.

Future plans may include trading in the secondary market and increased collateral mobility within this fund.

The Thriving Avalanche Ecosystem

Avalanche's integration with FOBXX comes as the network experiences two-fold growth in TVL since Q3 2023 compared to the previous bear market low point.

However, in 2024, Avalanche's TVL has not changed significantly and is currently almost $1.12 billion, which is a decrease of 7.44% for the year.

Franklin Templeton Gandeng Avalanche - Bittime

Summer: Over

When this article was written on August 29, AVAX was priced at $23.84 with a decline of around -0.45 in the last 24 hours. If converted into rupiah, the price of AVAX is IDR369,188.

Franklin Templeton's move to expand FOBXX to Avalanche shows that the fund aims to spread its assets across multiple blockchain networks to attract more investors.

By offering these funds on Avalanche, Franklin Templeton increases the accessibility of tokenized treasury funds.

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The Impact of the Franklin Templeton and Avalanche Collaboration

The collaboration between Franklin Templeton and Avalanche has the potential to have a significant positive impact on the crypto ecosystem. Here are some impacts that can be expected:

1. Increased Adoption of Avalanche

The collaboration with Franklin Templeton could attract more institutional investors to the Avalanche network. The entry of institutional investors could increase liquidity in the Avalanche market.

This collaboration could strengthen Avalanche's position as one of the leading blockchain networks on the market.

2. Increased Trust in DeFi

Collaboration with Franklin Templeton, a leading traditional financial firm, could increase investor confidence in DeFi products.

The use of public blockchains to process transactions and record share ownership can increase the legitimacy and trust of DeFi products.

3. Increased Innovation

This collaboration can encourage new innovations in the field of digital finance and blockchain technology.

The use of blockchain can increase efficiency and transparency in financial transactions.

Conclusion

The collaboration between Franklin Templeton and Avalanche is an important step in the development of the crypto ecosystem.

With the potential for significant positive impact, this collaboration can encourage growth and innovation in the digital financial sector.

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Franklin Templeton Collaborates with Avalanche Network (AVAX)