Franklin Templeton Money Market Fund Launches on Polygon Blockchain
27 April 2023 - 4:00AM
Business Wire
Franklin OnChain U.S. Government Money Fund,
the first U.S.-registered mutual fund run on blockchain, is now
supported on Ethereum via Polygon
Franklin Templeton today announces that the Franklin OnChain
U.S. Government Money Fund (FOBXX) (the “Fund”), the first
U.S.-registered mutual fund to use a public blockchain to process
transactions and record share ownership, is now supported on the
Polygon blockchain.
Franklin Templeton continues to see operational efficiencies
through use of a blockchain-integrated system, including increased
security, faster transaction processing and reduced costs,
benefiting Fund shareholders. The Fund’s transfer agent maintains
the official record of share ownership via a proprietary
blockchain-integrated system that utilizes blockchain technology
for transaction activity.
“Extending the reach of the Franklin OnChain U.S. Government
Money Fund to Polygon enables the Fund to be further compatible
with the rest of the digital ecosystem, specifically through an
Ethereum-based blockchain. This furthers our distribution reach
through a Layer 2 (L2) blockchain that has a proven track record,”
said Roger Bayston, Head of Digital Assets at Franklin
Templeton.
Tapping into the scope and breadth of the Ethereum ecosystem
opens up a world of possibilities for investors. The Fund offers a
competitive yield and is a regulated 1940 Act fund that invests at
least 99.5 percent of its total assets in government securities,
cash and repurchase agreements collateralized fully by government
securities or cash. The Fund’s investment goal is to provide
investors with as high a level of current income as is consistent
with the preservation of shareholders’ capital and liquidity and
aims to maintain a stable $1.00 share price.
One share of the Franklin OnChain U.S. Government Money Fund is
represented by one BENJI token. Token holders can gain exposure to
the Fund in digital wallets through the Benji Investments app,
available in mobile app stores.
“It’s amazing to have a legacy institution like Franklin
Templeton bringing transparency, interoperability, and secure,
democratized access to their financial instruments, all things
afforded with Polygon,” said Colin Butler, Global Head of
Institutional Capital at Polygon Labs. “When we take a step back
and look at these things less as blockchain products and more as
benefits created by utilizing blockchain rails, we start to see the
‘why.’ Tokenized assets are going to positively rewire the global
financial system, and Franklin Templeton is at the forefront of
this movement.”
“The Polygon blockchain ecosystem spans many L2, sidechains, and
sovereign blockchains and our suite of Ethereum scalability
solutions has seen significant adoption across DeFi, NFTs, and
enterprises,” added Mr. Butler. “The Polygon blockchain also
provides access to a $260 billion market — the approximate
aggregate value of all ERC-20 (Ethereum-based) assets.”
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 155 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the company offers boutique specialization on a global scale,
bringing extensive capabilities in equity, fixed income,
multi-asset solutions and alternatives. With offices in more than
30 countries and approximately 1,300 investment professionals, the
California-based company has 75 years of investment experience and
approximately $1.4 trillion in assets under management as of March
31, 2023. For more information, please visit franklintempleton.com
and follow us on LinkedIn, Twitter and Facebook.
About Polygon Labs:
Polygon Labs develops Ethereum scaling solutions for Polygon
protocols. Polygon Labs engages with other ecosystem developers to
help make available scalable, affordable, secure and sustainable
blockchain infrastructure for Web3. Polygon Labs has initially
developed a growing suite of protocols for developers to gain easy
access to major scaling solutions, including layer 2s
(zero-knowledge rollups and optimistic rollups), sidechains, hybrid
chains, app-specific chains, enterprise chains, and data
availability protocols. Scaling solutions that Polygon Labs
initially developed have seen widespread adoption with tens of
thousands of decentralized apps, unique addresses exceeding unique
addresses exceeding 211 million, over 1.12 million smart contracts
created and 2.36 billion total transactions processed since
inception. The existing Polygon network is home for some of the
biggest Web3 projects, such as Aave, Uniswap, and OpenSea, and
well-known enterprises, including Robinhood, Stripe and Adobe.
Polygon Labs is carbon neutral with the goal of leading Web3 in
becoming carbon negative. If you're an Ethereum Developer, you're
already a Polygon developer! Leverage Polygon’s fast and secure
txns for dApps you develop, get started here.
You could lose money by investing in the Fund. Although the Fund
seeks to preserve the value of your investment at $1.00 per share,
it cannot guarantee it will do so. An investment in the Fund is not
insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The Fund’s sponsor has no legal
obligation to provide financial support to the Fund, and you should
not expect that the sponsor will provide financial support to the
Fund at any time.
Investors should carefully consider a fund’s investment goals,
risks, charges and expenses before investing. To obtain a summary
prospectus and/or prospectus, which contains this and other
information, talk to your financial professional, call us at (800)
DIAL BEN/342-5236 or visit franklintempleton.com. Please carefully
read a prospectus before you invest or send money.
Copyright © 2023. Franklin Distributors, LLC. Member FINRA/SIPC.
All rights reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20230426005743/en/
Franklin Templeton Corporate Communications: Rebecca Radosevich,
(212) 632-3207, rebecca.radosevich@franklintempleton.com Katherine
Fox, (646) 818-9010, kfox@prosek.com
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