After launching its flagship cryptocurrency product on multiple blockchains, financial giant Franklin Templeton has officially launched its fund on the Ethereum network.
On Thursday, the asset management firm announced that its Nasdaq-listed On-Chain U.S. Government Money Fund (FOBXX) is now available on the blockchain behind the second-largest cryptocurrency, ETH.
FOBXX is a fund that allows investors to participate in U.S. government securities, cash, and repurchase agreements. The fund offers the ability to purchase shares and store them in a digital wallet via Franklin Templeton’s Benji Investments mobile app.
The fund is available on a variety of blockchains, including Avalanche, Stellar, Aptos, along with Ethereum’s expansion networks Arbitrum, Polygon, and Base. However, Ethereum remains the most prominent and popular network, and this is Franklin Templeton’s first deployment on Ethereum’s mainnet.
Ethereum is a smart contract blockchain that allows users to develop decentralized applications (dApps). Ethereum’s native currency, ETH, was made available to traditional investors earlier this year, after the Securities and Exchange Commission (SEC) approved exchange-traded funds (ETFs) that track the value of the currency.
Franklin Templeton said FOBXX is the first and only fund in the US to use a public blockchain as its transaction and ownership record system.
