Franklin Templeton Launches $270M Money Market Fund on Polygon
• Franklin Templeton has launched its OnChain U.S. Government Money Fund on the Polygon blockchain, currently 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.
• BENJI tokens can be used to gain exposure to the Fund in digital wallets through the Benji Investments app, available in mobile app stores.
Franklin Templeton Launches Money Market Fund
Franklin Templeton, an investment management firm 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 processing transactions and recording share ownership with $270 million under management.
BENJI Tokens Represent Shares
One share of the Franklin OnChain U.S Government Money Fund is represented by one BENJI token and token holders can gain exposure to the Fund in digital wallets through the Benji Investments app, available in mobile app stores.
Bear Market Turnaround
The cryptocurrency market has been experiencing a severe bear market for over a year and a half with drastic asset price decreases, bankruptcies, and regulatory troubles affecting industry growth; however, some institutions are returning with Franklin Templeton’s launch of their money market fund on Polygon being one such example that could signal a turnaround for the market as a whole.
Benefits of Tokenized Assets
By using blockchain rails for securities trading, investors can benefit from transparent, interoperable & secure democratized access to financial instruments which may promote more efficient capital markets overall due to increased liquidity from reduced costs associated with settlement processes and improved transparency around transaction information sharing between parties.
Franklin Templeton’s decision to launch its money market fund on Polygon is another example of an institution turning towards digital asset solutions during this bear market period – signaling hope for greater industry growth and improved investor access going forward as tokenized assets become more prevalent throughout capital markets worldwide.