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Franklin Templeton Launchs Crypto Business For Institutions
Investment giant Franklin Templeton (NYSE: $BEN) is launching a new cryptocurrency business for institutional investors. The California-based company has acquired 250 Digital, which is being spun-off from venture capital firm CoinFund.
The purchase of 250 Digital enables Franklin Templeton to launch a new business unit called “Franklin Crypto” that will primarily target institutional investors.
The new business will be run by crypto industry veterans Christopher Perkins, Seth Ginns, and Tony Pecore, said Franklin Templeton in a news release.
Currently, Franklin Templeton manages about $1.8 billion U.S. in digital assets. Although the company has a total of $1.71 trillion U.S. of assets under management, including stocks.
“Crypto’s institutional moment has arrived, and Franklin Crypto will help our global clients navigate this complex and rapidly evolving asset class,” said Franklin Templeton in its release.
The investment giant already operates the Franklin OnChain U.S. Government Money Fund (FOBXX), which launched in 2021. The FOBXX fund was the world’s first U.S.-registered mutual fund to use blockchain-integrated technology to process transactions and record share ownership.
BEN stock has risen 24% in the last 12 months to trade at $23.93 U.S. per share.
This article has been published in [cryptoprowl.com](http://cryptoprowl.com) via Yahoo News.
Franklin Templeton Launchs Crypto Business For Institutions
Investment giant Franklin Tmepleton (NYSE: $BEN) is launching a new cryptocurrency business for institutional inves...
finance.yahoo.com
