Franklin Templeton Adds Aptos Blockchain to Support Tokenized Money Market Fund

Aptos (APT), the Layer 1 blockchain impressed by the discontinued Diem (previously Libra) blockchain developed by Meta, has turn out to be the most recent community the place buyers can commerce shares of Franklin Templeton’s OnChain US Authorities Cash Market Fund (FOBXX).

The fund, the second largest tokenized fund available on the market with a market cap of $435 million, is already out there on Ethereum by Arbitrum, Stellar and Polygon, in addition to Avalanche.

Franklin Templeton’s newest addition is because of Aptos’ distinctive options that additionally meet the asset supervisor’s strict suitability requirements for its Benji platform, the corporate’s blockchain-integrated record-keeping system, stated Roger Bayston, head of digital belongings at Franklin Templeton. One Benji token represents one share of the fund.

Aptos is a reasonably younger Layer 1 blockchain that was launched in 2022. It makes use of the Transfer programming language, which it says permits sooner and extra protected transactions.

Aptos Labs, the builders behind the blockchain, have lengthy made it their mission to bridge the hole between decentralized finance (DeFi) and enormous, conventional establishments, very like different Layer 1 blockchains.

In April, the corporate started working with Microsoft and Brevan Howard, in addition to South Korean telecommunications operator SK Telecom, to assist establishments make it simpler to experiment with decentralized finance.

“Franklin Templeton’s willingness to innovate within the identify of a really decentralized and accessible monetary future is inspiring,” stated Bashar Lazaar, Head of Grants and Ecosystem at Aptos Basis.

“To attain that future, we have to join not solely the TradFi and DeFi worlds, but in addition EVM and non-EVM networks. The combination of the Benji Investments platform with the Aptos community is a big step in the proper route and we stay up for welcoming them to the Aptos ecosystem,” he stated.