• Franklin Templeton has launched its OnChain U.S. Government Money Fund on the Polygon blockchain, with $270 million in assets under management.
• It is the first U.S.-registered mutual fund to use a public blockchain for transactions and share ownership record-keeping.
• The Fund is accessible through Benji Investments app, which is available on mobile app stores.
Franklin Templeton Launches Money Market Fund on Polygon
Franklin Templeton, an investment management firm with around $1.4 trillion in assets under management, has extended its OnChain U.S. Government Money Fund to the Polygon blockchain. The fund currently manages around $270 million in assets and is the first U.S.-registered mutual fund to use a public blockchain for processing transactions and recording share ownership.
Fund Accessible Through Benji Investments App
The OnChain U.S. Government Money Fund can be accessed through the Benji Investments app which is available in mobile app stores worldwide. Each share of the fund is represented by one BENJI token which can be held in digital wallets through the app, giving investors exposure to the Fund in an accessible manner.
Cryptocurrency Market Turning Around
The cryptocurrency market has been experiencing a bear market for some time now but it seems as though it might be turning around as indicated by institutions such as Franklin Templeton returning to launch their funds on platforms such as Polygon’s blockchain network..
Roger Bayston’s Statement
Roger Bayston, Head of Digital Assets at Franklin Templeton commented saying “Extending the reach of the Franklin OnChain U.S Government Money Fund to Polygon enables the Fund to be further compatible with the rest of the digital ecosystem, specifically through an Ethereum-based blockchain.“ He continued „This furthers our distribution reach through a Layer 2 (L2) blockchain that has a proven track record“.
Conclusion
With this move from Franklin Templeton launching their money market fund on Polygon’s Blockchain Network it seems that we are starting to see some movement back into cryptocurrencies after some tough times over recent years due to regulation issues etc., showing that there could be light at end of tunnel when it comes investing into cryptoassets again soon!
