Franklin Templeton Launches $420M U.S. Government Money Market Fund on Coinbase's Base Network

Nov 1, 2024, 01:47 PM

Franklin Templeton, a US company with $1.5 trillion in assets under management, has launched its $420 million OnChain U.S. Government Money Market Fund on Coinbase's Base network, making it the first asset manager to build a tokenized fund on the layer 2 blockchain. The fund, known as $FOBXX, is part of Franklin Templeton's broader strategy to integrate blockchain technology into its asset management operations. Additionally, the company has introduced Benji, a proprietary blockchain-integrated recordkeeping system, now live on Base. Franklin Templeton has been an early adopter of blockchain technology, already utilizing Ethereum's layer 1 blockchain.