Franklin Templeton Expands FOBXX Access to Aptos Blockchain, Allowing Investors to Hold Digital Wallets on Aptos

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

Franklin Templeton has announced the expansion of its digital asset capabilities with the addition of the Aptos blockchain to its Benji platform. This move allows institutional investors to access the FOBXX mutual fund through Benji and provides investors with the option to hold their digital wallets on the Aptos network.

Launched in 2021, FOBXX is the first U.S.-registered mutual fund to utilize blockchain technology, initially operating on the Stellar network. Shares in the fund are tokenized and represented by the BENJI token, with each token maintaining an equal value to a share in the fund.

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

With the addition of Aptos, FOBXX now operates on five different blockchains, including Avalanche, Arbitrum, Stellar, and Polygon. At the request of the investor, digital wallets may be held on the Aptos network, enabling easier management of digital assets.

The announcement comes amid a broader acceptance of digital assets in mainstream finance, with several Wall Street giants launching spot Bitcoin and Ethereum ETFs earlier this year.

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 opportunities where blockchain technology can enhance our clients’ experiences and advance our asset management capabilities,” said Roger Bayston, Head of Digital Assets at Franklin Templeton.

Highlighting the network's unique characteristics, Bayston added, “We are pleased to expand our footprint on the Aptos network, which boasts several attributes that align with our stringent suitability standards for blockchain partners.”

In other developments, Aptos Labs is reportedly set to enter the Japanese market with the strategic acquisition of HashPalette. This move aims to capitalize on HashPalette's strong relationships with major Japanese businesses, including KDDI, in the entertainment, gaming, and digital asset sectors.

The deal will also involve aقديم بها والتي تهدف إلى مساعدة HashPort على تمكين عملائها من المؤسسات من إنشاء حلول blockchain مخصصة باستخدام بنية تحتية شبكة Aptos.

وستدعم Aptos Labs أيضًا المبدعين المحليين والمطورين ومنشئي NFT والمؤسسات لبناء مجتمع Web3 ياباني قوي. وتهدف الشركة إلى التعاون مع الجامعات ومؤسسات البحث والشركات الناشئة لإنشاء نظام بيئي غني بالابتكار في مجال blockchain.llow holders of Palette Chain's governance token, PLT, to exchange their tokens for APT, the native token of the Aptos blockchain, starting in late November.

The exchange process will involve a one-year lock-up period on APT tokens to ensure a smooth transition, according to the announcement. The last batch of PLT tokens will be burned in November 2024.

This marks the latest development in Franklin Templeton's ongoing efforts to integrate blockchain technology into its asset management offerings. The firm has previously launched several blockchain-related initiatives, including the Benji platform and the registration of a blockchain-based exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

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