Franklin Templeton's OnChain FOBXX Fund Now on Avalanche Network
Franklin Templeton, a leading asset manager, has launched its Nasdaq-listed OnChain U.S. Government Money Fund (FOBXX) on the Avalanche blockchain. Institutional investors can allocate to this fund via digital wallets on the Benji Investments platform, with the option to maintain their wallets on the Avalanche network, subject to eligibility.
Avalanche (AVAX) is an Ethereum Virtual Machine (EVM) compatible blockchain that supports decentralized apps. It offers a unique architecture consisting of three individual blockchains: the X-Chain, C-Chain and P-Chain. AVAX is up 11.7% over the past 24 hours, and gained over 30% in the past week to trade at $26.19 currently.
Franklin Templeton's digital assets head, Roger Bayston, said, “Bringing the Benji platform to the Avalanche network further expands access to our first-of-its-kind tokenized money market fund.”
FOBXX allows investors to place cash in U.S. government securities, cash, and repurchase agreements. Shares can be bought and held in digital wallets using the Benji Investments mobile app.
Franklin Templeton also announced that investors could engage in peer-to-peer trades of FOBXX shares on a public blockchain. Initially launched on Stellar in 2021, the fund was recently made available on the Arbitrum network, an Ethereum layer-2 network.
