Franklin Templeton Expands Its FOBXX Mutual Fund to Aptos Blockchain, Targeting Japanese Market

With this expansion, institutional investors can now access FOBXX through the Benji Investments platform and allow investors to hold their digital wallets on Aptos.

Investment giant Franklin Templeton has expanded the availability of its blockchain-based mutual fund, FOBXX, to the Aptos network, enabling investors to hold their digital wallets on the network.

Launched in 2021, FOBXX was initially offered on the Stellar network, making it the first U.S.-registered mutual fund to adopt blockchain technology. Shares in the fund are tokenized and represented by the BENJI token, which can be held in digital wallets and maintains equal value to the fund shares.

The fund is regulated under the Investment Company Act of 1940 and invests at least 99.5% of its total assets in government securities and other financial instruments that are collateralized by these securities.

With the Aptos integration, FOBXX is now available on five different blockchains, including Avalanche, Arbitrum, Stellar, and Polygon. Investors can request to have their wallets held on the Aptos network, making it easier for them to manage their digital assets.

Franklin Templeton has played a key role in bringing spot Bitcoin (BTC) and Ethereum (ETH) ETFs to market this year, as part of a broader acceptance of digital assets in mainstream finance.

Aptos was chosen for this expansion due to its compatibility with Franklin Templeton's Benji blockchain-integrated system, according to the announcement.

“We continue to evaluate and identify new opportunities to enhance the investor experience and advance the convergence of traditional finance and digital assets,” said Roger Bayston, Head of Digital Assets at Franklin Templeton.

“Today’s announcement is an important milestone in our ongoing journey to unlock new asset management capabilities with blockchain technology.”

In related Aptos news, the company is set to enter the Japanese market after acquiring HashPalette, a local Web3 company that operates the Palette Chain.

Aptos Labs will leverage HashPalette's relationships with major Japanese businesses, including KDDI, to drive Web3 adoption in the country.

Specifically, Aptos aims to integrate its blockchain into HashPalette's Web3 service, which will provide Japanese enterprises with an easy and efficient way to launch and manage their own blockchain projects.

According to the announcement, holders of Palette Chain's governance token, PLT, will be able to exchange their tokens for APT, Aptos's native token, starting in late November.

The exchange process will involve a one-year lock-up period on APT tokens to ensure a smooth transition.

Moreover, Aptos Labs has forged a strategic partnership with HashPort, a leading blockchain consulting and solutions company in Japan.

Through this collaboration, HashPort will be able to develop blockchain solutions for its enterprise clients using Aptos Network's infrastructure, the announcement states.

Aptos Labs also plans to support local developers, NFT creators, and enterprises to create a robust Japanese Web3 community.

The company aims to collaborate with universities, research institutions, and startups to cultivate an ecosystem rich in blockchain innovation.

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