Asset Manager Franklin Templeton Launches New Crypto Fund
Franklin Templeton, the trillion-dollar fund manager, has disclosed its plans to introduce a cryptocurrency fund for institutional investors. The asset management firm has proposed creating the Franklin Templeton Blockchain Fund II with the US Securities and Exchange Commission (SEC).
A Second Institutional Crypto Fund
Franklin Templeton’s proposed crypto fund, the Franklin Templeton Blockchain Fund II, marks the company’s second foray into cryptocurrency. The asset management firm had previously announced a fund for separately managed accounts (SMAs) for investment professionals towards the end of 2022.
This move signals a growing interest among traditional financial firms in offering crypto-related products. Moreover, the SEC filing by Franklin Templeton reveals that the Franklin Templeton Blockchain Fund II will require a minimum investment of $100,000.
While few additional details are available, the filing suggests the fund may be open for up to 12 months. So far, Franklin Templeton has yet to release an official statement.
There is a growing interest among private equity firms in the cryptocurrency market. Established financial institutions are expected to make similar filings in the coming months as they seek to explore the digital asset market.
Franklin Templeton is among the growing number of established financial firms interested in crypto products. The company recently made a significant move by launching one of its products on the Polygon blockchain, an important milestone for the firm.
Dubbed “OnChain U.S. Government Money Market Fund” (FOBXX), the product is a tokenized US government securities, repurchase agreements, and cash. This move is expected to increase the fund’s efficiency while reducing the costs associated with traditional transaction processing methods.
Meanwhile, the Stellar network also announced that the fund is now available on its network, which will help to increase the fund’s accessibility to investors around the world.
Franklin Templeton has also made a foray into the metaverse with the launch of its Franklin Metaverse UCITS ETF. The ETF follows the Solactive Global Metaverse Innovation Net Total Return Index, which invests in equity securities of companies actively involved in metaverse initiatives or exposed to them.
This is another example of how traditional financial firms tap into the growing interest in blockchain and other related technologies. The move underscores the belief that there is potential in the metaverse and that this pioneering concept will open up new avenues of growth in the coming years.
Franklin Templeton has recently announced the launch of an exchange-traded fund (ETF) focused on the metaverse and blockchain. The company sees great potential in the emerging field of the metaverse, which will significantly impact how people live, work, and play.
Meanwhile, the ETF called the Franklin Exponential Metaverse ETF, will invest in companies involved in developing metaverse platforms, virtual reality, blockchain technology, and related infrastructure. Since its emergence, the metaverse has seen increased hype, with global brands at the forefront of driving the craze for the virtual ecosystem.
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