Franklin Templeton, the Wall Street giant, has launched its fund on Ethereum. This is their first time deploying on the mainnet of the crypto network behind ETH. The fund, On-Chain U.S. Government Money Fund (FOBXX), allows customers to put cash into U.S. government securities, cash, and repurchase agreements.
The fund is available on a number of blockchains, including Avalanche, Stellar, and Apartments, as well as Ethereum scaling networks Decision, Polygon, and Base. 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.
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.
