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With this expansion, institutional investors can now access FOBXX through the Benji Investments platform and allow investors to hold their digital wallets on Aptos.
“Today’s announcement is an important milestone in our ongoing journey to unlock new asset management capabilities with blockchain technology,” said Roger Bayston, Head of Digital Assets at Franklin Templeton.
What is FOBXX?
Launched in 2021, FOBXX became the first U.S.-registered mutual fund to adopt blockchain technology, initially utilizing the Stellar network. Its shares are tokenized and represented by the BENJI token, maintaining equal value.
The fund is regulated under the 1940 Act and invests at least 99.5% of its total assets in government securities and other financial instruments collateralized by these securities. With the Aptos expansion, FOBXX now operates on five different blockchains, including Avalanche, Arbitrum, Stellar, and Polygon. Investors may hold their wallets on the Aptos network upon request, facilitating easier management of their digital assets.
Franklin Templeton joins a growing list of Wall Street giants that have successfully launched spot Bitcoin and Ethereum ETFs this year, demonstrating a broader acceptance of digital assets in mainstream finance.
Why Aptos?
Aptos was chosen for this expansion due to its compatibility with Franklin Templeton’s Benji blockchain-integrated system, according to the recent announcement. Bayston highlighted the network's unique characteristics, which meet the firm's rigorous suitability standards.
Strategic Acquisition: HashPalette
BIG NEWS: We've agreed to acquire @hashpalette_en, the pioneers behind Japan's Palette Chain! This is a game-changer for Japan & the Aptos ecosystem. 🌏— Aptos Labs (@AptosLabs) October 3, 2024
This underscores our commitment to Japan, supercharging their booming digital economy with @Aptos cutting-edge tech ⚡🌐 pic.twitter.com/NjAYhT7ez1
Taking advantage of HashPalette's strong relationships with major Japanese businesses, such as KDDI, Aptos Labs intends to enter the Japanese market. This deal enables Aptos to drive Web3 adoption across sectors like entertainment, gaming, and digital assets.
Meanwhile, holders of Palette Chain’s governance token, PLT, will be able to exchange their tokens for APT, Aptos’s native token, starting in late November. The exchange process will involve a one-year lock-up period on APT tokens to ensure a smooth transition
Commitment to Japanese Enterprises and Ecosystem
Additionally, Aptos Labs has entered into a strategic partnership with HashPort, one of Japan's leading blockchain consulting and solutions companies. This collaboration will reportedly empower HashPort to develop blockchain solutions for its enterprise clients using Aptos Network’s infrastructure.
Aptos Labs also plans to support local developers, NFT creators, and enterprises to create a robust Japanese Web3 community. The company aims to collaborate with universities, research institutions, and startups to cultivate an ecosystem rich in blockchain innovation.