Details about FOBXX and the partnership
– FOBXX is represented by the BENJI Token on Franklin Templeton's Benji Investments platform.
– The fund has previously launched on the Stellar, Polygon, Arbitrum , and Avalanche blockchain networks.
– Partnership with Aptos Foundation to enhance interoperability of real-world and treasury-backed assets on non-EVM blockchain environments.
“We need to connect not only the TradFi and DeFi worlds, but also EVM and non-EVM networks. Integrating the Benji Investments platform with the Aptos Network is a big step in the right direction,” emphasized Bashar Lazaar, Head of Grants and Ecosystem at the Aptos Foundation.
Features of FOBXX
– The fund invests in low-risk US government securities, including fixed, floating and variable interest securities.
– Also includes repurchase agreements fully secured by U.S. government securities or cash.
– FOBXX on Aptos received over $20 million in registrations upon launch.
“We chose the Aptos Network because of its unique characteristics that met our rigorous suitability criteria for the Benji platform,” explains Roger Bayston, Director of Digital Assets at Franklin Templeton.
About Aptos and the Meaning of Partnership
Aptos is a relatively new Layer 1 blockchain, based on the Move programming language originally developed at Meta. It aims to provide a faster and more scalable solution than other networks.
– The number of monthly active addresses on Aptos has been steadily increasing this year, reaching 7.5 million by September 2024.
– In comparison, Ethereum had 12.3 million active addresses last month.
“We are proud that traditional financial firms choose to develop on the Aptos Network and bring the benefits of decentralization to their customers,” said Mo Shaikh, co-founder and CEO of Aptos Labs.
Tokenize government securities market
FOBXX, launched in 2021, is the first US-registered fund to use a public blockchain to process transactions and record ownership of shares. Since then, total assets under management in Tokenize government securities have grown to a $2 billion market.
– BlackRock's BUIDL currently leads the niche with $518.3 million in assets under management, representing a 25.2% market share.
– Franklin Templeton's BENJI ranked second with $419.7 million in assets under management, accounting for 20.4% of the market share.
Franklin Templeton's commitment to blockchain technology
Franklin Templeton has been active in the blockchain space since 2018:
– Operate validator nodes and various investment strategies in the crypto space.
– Launch Bitcoin Spot ETF EZBC in January 2024 and Ethereum Spot ETF EZET in July 2024.
– These ETFs attracted $450.4 million and $31.8 million in assets under management, respectively.
– The company is XEM additional crypto funds beyond these initial products.
The launch of FOBXX on Aptos is another important step in Franklin Templeton’s blockchain strategy, affirming the company’s position in bridging traditional finance with cutting-edge blockchain technology.
The article Franklin Templeton Launches On- Chain Money Market Fund Aptos appeared first on Coin79 - Update Coin News and Crypto Investment Knowledge .
