Franklin Templeton adds blockchain fund to Aptos network

Franklin Templeton has expanded its Nasdaq-listed On-Chain U.S. Government Money Fund (FOBXX) to the Aptos (CRYPTO:APT) blockchain, marking another move in its ongoing exploration of blockchain technology. 

The fund, which allows investors to buy shares held in U.S. government securities, is already available on blockchains like Avalanche (CRYPTO:AVAX), Arbitrum (CRYPTO:ARB), Stellar (CRYPTO:XLM), and Polygon (CRYPTO:MATIC). 

Aptos, known for its origins with the team behind Meta's Diem project, is now the latest platform to support the fund. 

The decision to integrate with Aptos is a strategic move by Franklin Templeton to further enhance the accessibility and decentralisation of its fund. 

"We chose the Aptos network given its unique characteristics, which meet our rigorous suitability standards for the Benji platform," said Roger Bayston, head of digital assets at Franklin Templeton. 

This is in line with the company’s commitment to exploring new financial technologies that can deliver long-term benefits to its customers. 

FOBXX is a digitised fund designed to let customers hold shares in digital wallets via Franklin Templeton's Benji Investments mobile app. 

The fund offers a way for clients to invest in U.S. government securities, cash, and repurchase agreements through the flexibility of blockchain technology. 

Notably, Franklin Templeton highlights that FOBXX is the first U.S.-registered fund to use a public blockchain as its system of record. 

The move to Aptos follows the firm’s recent integration with Avalanche in late August and demonstrates its growing interest in utilising blockchain to streamline asset management. 

Franklin Templeton has been involved in the crypto space since 2019 and continues to innovate by offering blockchain-based solutions across various platforms. 

At the time of reporting, the Aptos price was $7.62.