Franklin Templeton Expands Money Market Fund to Coinbase’s Ethereum Layer-2 Base
Franklin Templeton has announced the expansion of its OnChain U.S. Government Money Market Fund (FOBXX) to Coinbase’s Base network, a layer-2 solution built on Ethereum. This marks the first instance of an asset manager creating a tokenized fund on Base, which is designed to facilitate faster and cheaper development of crypto products. The exchange reported a significant increase in activity on its platform, citing a 55% rise in transactions from the previous quarter. FOBXX allows investors to place funds into U.S. government securities and can be held in digital wallets through the Benji Investments mobile app. This expansion is part of Franklin Templeton's growing involvement in the digital asset market, which began with digitizing shares in 2019 and continues with the launch of new crypto-related offerings.
Source 🔗