Franklin Templeton Brings Its Government Money Fund to the Arbitrum Blockchain

The Arbitrum Foundation and global asset manager Franklin Templeton announced this week that the Franklin OnChain U.S. Government Money Fund (FOBXX) is now available

Global asset manager Franklin Templeton and the Arbitrum Foundation announced on Wednesday that the Franklin OnChain U.S. Government Money Fund (FOBXX) is now available on Arbitrum, an Ethereum Layer 2 blockchain.

Investors can access FOBXX through digital wallets on the Benji Investments platform, Franklin Templeton’s proprietary blockchain-integrated recordkeeping system, which now has the option to use the Arbitrum network.

The collaboration aims to accelerate the integration of decentralized finance (DeFi) into traditional financial services. By joining the Arbitrum network, Franklin Templeton expands FOBXX’s reach within the digital assets ecosystem, targeting a previously untapped demographic.

“Franklin Templeton’s commitment to innovation aligns with our goal to provide scalable and efficient solutions for the financial industry,” said Steven Goldfeder, co-founder and CEO of Offchain Labs, a major contributor to Arbitrum. “We are excited to welcome Franklin Templeton into the Arbitrum ecosystem.”

Despite recent high-profile concerns about cryptocurrency hacks, Franklin Templeton’s entry into the Arbitrum ecosystem marks a significant step in the integration of blockchain technology into its asset management operations.

“We are enthusiastic about the possibilities that this partnership will create for our company and our clients,” said Roger Bayston, head of digital assets at Franklin Templeton.

As the tokenized treasury market approached $1.8 billion in early 2024, Franklin Templeton’s move into Arbitrum further highlights blockchain’s growing importance in traditional finance.

This move is part of a broader trend where major institutions, such as BlackRock, are exploring blockchain technology. Such integration promises greater security and transparency, reflecting the changing landscape of banking in an increasingly digitalized world.

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