Franklin Templeton Launches Money Market Fund on Ethereum
Analysis
Price Impact
MedInstitutional adoption is a bullish factor for eth, as it signals greater confidence in the ethereum ecosystem. the addition of a major financial player like franklin templeton could bring more investors to the platform.
Trustworthiness
HighFranklin templeton is a well-established and respected financial institution, so their decision to launch a fund on ethereum carries significant weight.
Price Direction
BullishInstitutional adoption can lead to increased demand for eth, potentially pushing the price upwards.
Time Effect
LongThe impact of institutional adoption on the price of eth is likely to be a gradual process. however, it's a positive sign for the long-term future of the ethereum network.
Original Article:
Article Content:
Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE After putting its flagship crypto product on a range of different blockchains, Wall Street giant Franklin Templeton has finally launched its fund on Ethereum proper. The asset manager on Thursday said that its Nasdaq-listed On-Chain U.S. Government Money Fund (FOBXX) is now available on the crypto network behind the second biggest digital coin, ETH . FOBXX is a fund that lets customers put cash into U.S. government securities, cash, and repurchase agreements. It allows investors to buy shares and hold them in digital wallets via the Franklin Templeton’s Benji Investments mobile app. New chain unlocked. BENJI is now live on @ethereum ! Ethereum, the second largest L1 blockchain technology was designed to be scalable, secure, programmable, and decentralized. Download the Benji app here: https://t.co/ITah6qMtns Read more: https://t.co/4j3TDC9VHM pic.twitter.com/COHIln9j24 — Franklin Templeton Digital Assets (@FTDA_US) November 14, 2024 The fund is available on a number of blockchains, including Avalanche , Stellar , and Aptos , as well as Ethereum scaling networks Arbitrum , Polygon , and Base —but Ethereum is by far the biggest and well-known of all the networks, and this is the first time that Franklin Templeton has deployed on its mainnet. Ethereum is a blockchain that allows users to build decentralized apps ( dapps ). Its native coin, ETH, became available for traditional investors earlier this year when the Securities and Exchange Commission (SEC) approved a number of exchange-traded funds (ETFs) that track the price of the coin. Franklin Templeton said that FOBXX is the first and only U.S.-registered fund to use a public blockchain as the system of record to process transactions and record share ownership. Edited by Andrew Hayward Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Your Email Get it! Get it!