The Block Crypto News35 minutes ago

Published on August 08, 2024 13:01 GMT+00:00edited on August 08, 2024 13:24 GMT+00:00

Global asset management giant Franklin Templeton has launched its OnChain U.S. Government Money Fund (FOBXX) on Arbitrum in collaboration with the Arbitrum Foundation.

Investors can gain exposure to the underlying FOBXX asset in digital wallets via Franklin Templeton’s blockchain-integrated Benji Investments platform and BENJI token. Investors “may use the Arbitrum network upon request and subject to eligibility,” the firm said in a statement shared with The Block. The launch follows an application to the Arbitrum Stable Treasury Endowment Program (STEP) in May. 

The collaboration is designed to accelerate the integration of traditional finance into the DeFi world further. The fund was initially launched on the Stellar blockchain, expanding to Polygon in April. It is designed to …