The collaboration marks an ongoing effort to
bridge the gap between traditional
and decentralized finance
NEW
YORK, Aug. 8, 2024 /PRNewswire/ -- The
Arbitrum Foundation and global asset manager Franklin Templeton
today announced the Franklin OnChain U.S. Government Money Fund
(FOBXX) is available on Arbitrum, the leading Ethereum
Layer 2 blockchain. Investors can gain exposure to FOBXX in digital
wallets through the Benji Investments platform, Franklin
Templeton's proprietary blockchain-integrated recordkeeping system,
and may use the Arbitrum network upon request and subject to
eligibility.
The collaboration will accelerate the integration
of decentralized finance within traditional
financial services. By onboarding the Arbitrum network to the Benji
Investments platform, Franklin Templeton will further extend the
compatibility of FOBXX within the digital assets ecosystem and
reach a previously untapped audience for the asset manager.
Steven Goldfeder, CEO and
Co-Founder of Offchain Labs—core contributors to
Arbitrum—commented, "Franklin Templeton's commitment to innovation
aligns with our mission to provide scalable and efficient solutions
for the financial sector. We are excited to see Franklin Templeton
join the Arbitrum ecosystem and look forward to the transformative
impact their participation will bring to our community."
Since 2018, Franklin Templeton Digital Assets has been building
blockchain-based technology solutions, running node validators, and
developing a wide range of investment strategies. The firm's
dedicated digital assets research team leverages fundamental
"tokenomic" analysis, insights from an embedded data science team
and deep industry connections to help inform product development
and investment decisions.
"Expanding into the Arbitrum ecosystem is an important step on
our journey to empower our asset management capabilities with
blockchain technology," said Roger
Bayston, Head of Digital Assets at Franklin Templeton. "We
are enthusiastic about the opportunities this partnership will
unlock for our firm and our clients."
FOBXX was introduced in 2021 and is the first and only
U.S.-registered fund to use a public blockchain as the system of
record to process transactions and record share ownership.
Individual investors can download the Benji Investments mobile app
on Apple and Android devices, while institutional investors can
access the platform through the Benji Institutional web portal.
For more information about Franklin Templeton Digital Assets,
visit:
https://www.alternativesbyft.com/expertise/specialist-managers/franklin-templeton-digital-assets
About The Arbitrum Foundation
The Arbitrum Foundation,
founded in March 2023, supports and
grows the Arbitrum network and its community with secure scaling
solutions for Ethereum. Arbitrum One—a leading
Ethereum Layer-2 scaling solution initially developed
by Offchain Labs—offers ultra-fast, low-cost transactions with
security derived from Ethereum through Optimistic
Rollup technology. Launched in August
2021, the Arbitrum One mainnet beta is EVM-compatible to the
bytecode level and has 54%+ TVL in the L2 segment. 2000+
DeFi and NFT projects are live in the ecosystem to
date. In August 2022, Arbitrum One
upgraded to Nitro tech stack, enabling fraud proofs
over the core engine of Geth compiled to WASM.
About Franklin Templeton
Franklin Resources, Inc.
[NYSE:BEN] is a global investment management organization with
subsidiaries operating as Franklin Templeton and serving clients in
over 150 countries. Franklin Templeton's mission is to help clients
achieve better outcomes through investment management expertise,
wealth management and technology solutions. Through its specialist
investment managers, the company offers specialization on a global
scale, bringing extensive capabilities in fixed income, equity,
alternatives and multi-asset solutions. With more than 1,500
investment professionals, and offices in major financial markets
around the world, the California-based company has over 75 years of
investment experience and over $1.6
trillion in assets under management as of June 30, 2024. For more information, please visit
franklintempleton.com and follow us on LinkedIn, X and
Facebook.
You could lose money by investing in the fund. Although the
fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. An investment in the fund is not a bank account and is not
insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The fund's sponsor is not required
to reimburse the fund for losses, and you should not expect that
the sponsor will provide financial support to the fund at any time,
including during periods of market stress. Although the fund
invests in U.S. government obligations, an investment in the fund
is neither insured nor guaranteed by the U.S. government.
All investments involve risk, including loss of
principal. There are risks associated with the issuance,
redemption, transfer, custody, and record keeping of shares
maintained and recorded primarily on a blockchain. For example,
shares that are issued using blockchain technology would be
subject to risks, including the following: blockchain is a
rapidly-evolving regulatory landscape, which might result in
security, privacy or other regulatory concerns that could require
changes to the way transactions in the shares are recorded. The
fund's yield may be affected by changes in interest rates
and changes in credit ratings. These and other risks are discussed
in the fund's prospectus.
Investors should carefully consider a fund's investment
goals, risks, charges and expenses before investing. To obtain a
summary prospectus and/or prospectus, which contains this and other
information, talk to your financial professional, call us at (800)
DIAL BEN/342-5236 or visit franklintempleton.com. Please carefully
read a prospectus before you invest or send money.
Please note that you generally may only buy shares of a fund
eligible for sale in your state or jurisdiction. The Fund is
intended for sale to residents of the
United States, and, with very limited exceptions, are not
registered or otherwise offered for sale in other
jurisdictions.
Franklin Distributors, LLC. Member FINRA/SIPC.
Media Contact
arbitrumpr@mgroupsc.com
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SOURCE Arbitrum Foundation and Franklin Templeton