New York, Sunday, November 03, 2024-Franklin Templeton has announced the expansion of its OnChain US Government Money Market Fund (FOBXX) to Coinbase’s Ethereum scaling network, Base.
This strategic move, announced on Thursday, allows the asset manager’s flagship crypto product to reach a broader audience on a platform designed for efficient and cost-effective development of crypto products.
Base has quickly become popular, with Coinbase reporting a 55% increase in transaction volume quarter-over-quarter during its Q3 earnings call.
The OnChain US Government Money Market Fund offers investors the opportunity to invest in US government securities, cash, and repurchase agreements, now accessible through digital wallets via Franklin Templeton’s Benji Investments mobile app.
Franklin Templeton has been a pioneer in the digital asset space since 2019 when it began digitizing shares for a money market fund on the Stellar blockchain. In addition to the latest expansion, FOBXX is also available on other platforms, including Avalanche, Arbitrum, and Polygon, among others.
The expansion marks a significant step for Franklin Templeton in leveraging blockchain technology to enhance accessibility and liquidity for its investors.
