Franklin Templeton has launched its on-chain money market fund on altcoin project Aptos. FOBXX is represented by the BENJI token, with the fund previously launched on Stellar, Polygon, Arbitrum and Avalanche.
Franklin Templeton’s next altcoin move was Aptos!
Global asset management giant Franklin Templeton has launched the OnChain US Sovereign Fund (FOBXX) on Aptos in collaboration with the Aptos Foundation. Thus, Franklin Templeton determined the fifth Blockchain network. Institutional investors have the opportunity to purchase the FOBXX asset in digital wallets through Franklin Templeton’s blockchain-integrated Benji Investments platform and the BENJI token. The company said that investors will have the opportunity to keep their wallets on the altcoin Aptos network upon request.
The collaboration will expand the ability for real-world and treasury-backed assets to interoperate in non-EVM Blockchain environments. Aptos Foundation Donations and Ecosystem President Bashar Lazaar made the following statement on the subject:
We need to connect not only the TradFi and DeFi worlds, but also EVM and non-EVM networks. Integrating the Benji Investments platform with Aptos Network is a big step in the right direction. We also look forward to welcoming them to the Aptos ecosystem.
Why Aptos?
cryptokoin.comAs you follow from , the FOBXX fund invests in low-risk U.S. government securities, including fixed, variable and floating rate securities, in addition to repurchase agreements collateralized entirely by U.S. government securities or cash. The investment firm initially launched the fund on the Stellar Blockchain. He later expanded to altcoin projects Polygon, Arbitrum and Avalanche. Allegedly, FOBXX in Aptos received more than $20 million in investments after entering the market. Roger Bayston, President of Digital Assets at Franklin Templeton, shared the following statement:
We chose Aptos Network for its unique features that meet our rigorous compliance standards for the Benji platform. Today’s announcement is a significant milestone in our ongoing journey to unlock new asset management capabilities with Blockchain technology.
Aptos continues to grow
Altcoin Aptos is a relatively new Layer 1 Blockchain based on the Move programming language. It aims to be a faster and scalable alternative to other networks. Monthly active addresses on Aptos have seen steady growth this year. Thus, it reached 7.5 million in September. By comparison, Ethereum had 12.3 million active addresses that same month. Mo Shaikh, co-founder and CEO of Aptos Labs, said:
We are proud that traditional financial firms choose to thrive on the Aptos Network and offer their customers the benefits of decentralization.
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