• Franklin Templeton has launched its OnChain U.S. Government Money Fund on the Polygon blockchain, with $270 million in assets under management.
• The fund is the first U.S.-registered mutual fund to use a public blockchain to process transactions and record share ownership.
• Token holders 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
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. The fund currently manages around $270 million in assets, and it’s the first U.S.-registered mutual fund to use a public blockchain for transaction processing and share ownership records.
BENJI Tokens Represent Shares of Fund
One share of the Franklin OnChain U.S Government Money Fund is represented by one BENJI token; token holders can gain exposure to the fund through mobile apps like Benji Investments.
Bear Market Turning Around?
The cryptocurrency market has been experiencing a bear market for over a year now, but some institutions are beginning to return because of increasing signs that this bear market may be turning around.
Benefits of Blockchain Rails
Tokenized asset utilization provides benefits such as transparency, interoperability and secure access to financial instruments.
Conclusion
The launch of Franklin Templeton’s money market fund on Polygon could mark an important turning point for cryptocurrency markets worldwide–one that foreshadows increased institutional involvement and trust in these markets going forward