$1.5 Trillion Investment Giant’s Decision Moves Altcoin Price
Aptos (APT) has become one of the Layer 1 networks where investors can buy and sell shares of Franklin Templeton’s OnChain US Government Money Market Fund (FOBXX), which manages $1.5 trillion in assets.
The fund is the second-largest tokenized fund in the market with a market cap of $435 million and is currently traded on Ethereum (via Arbitrum), Stellar, Polygon, and Avalanche.
Franklin Templeton chose the Aptos network because of Aptos’ unique features and the asset manager’s compliance standards for the Benji platform. Franklin Templeton’s head of digital assets, Roger Bayston, explained that the Benji platform is a blockchain-based record-keeping system, with one Benji token equaling one share of the fund.
Aptos price skyrockets
Aptos, which was launched in 2022, is a young Layer 1 blockchain network that aims to offer faster and more secure transactions using the Move programming language. Aptos Labs aims to bridge the gap between blockchain and traditional finance (TradFi), an approach seen in other Layer 1 blockchain projects.
In April, Aptos Labs partnered with Microsoft, Brevan Howard, and South Korean telecom operator SK Telecom to help institutions more easily experience the world of decentralized finance (DeFi). The Aptos team also entered the Japanese market and strengthened its position in Asia by acquiring HashPalette.
Aptos’ cryptocurrency APT gained value after Franklin Templeton’s decision. According to TradingView data, APT gained 10 percent on a daily basis.
