Franklin Templeton is launching its Benji tokenization platform on the Ethereum network, marking the fifth launch this year after Aptos, Avalanche, Arbitrum, and Base. It was hitherto launched only on Stellar and Polygon.
This launch represents an important milestone for the company’s plans to develop new innovative blockchain solutions for clients.
Franklin Templeton Pushes Tokenization Forward with Ethereum Launch
In an X post, Franklin Templeton announced that it is expanding its Benji tokenization platform to the Ethereum network. This follows earlier launches on Aptos, Avalanche, Arbitrum, and Base. Previously, the platform was only available on Stellar and Polygon.
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 launch is a significant stride in the innovation path for blockchain solutions for clients. It will help leverage Ethereum’s Virtual Machine and smart contract functionality to enhance the capabilities of its tokenized funds.
According to data from RWA, tokenized treasuries are up almost 2% on the week, lifting their total market capitalization above $2.37 billion. XYZ. Franklin Templeton’s on-chain market fund, valued at $409 million, is the third largest, behind BlackRock’s BUIDL and Ondo’s USDY.
BlackRock recently expanded BUIDL to Aptos, Optimism’s OP Mainnet, Polygon, Arbitrum, and Avalanche. While Franklin Templeton’s fund has been live since 2021, this year, BlackRock has seen a significant onslaught in crypto with its Bitcoin ETFs in January, followed by BUIDL.
Addressing the multi-chain expansion of BUIDL, the CEO of Securitize- Carlos Domingo, explained the development as marking a pivotal moment when Securitize issued the same asset on several chains for the first time in history. Domingo added that this time around, the change in their blockchain infrastructure proves that this change might be huge. Things are heating up hot in the sector of tokenized funds, where rapid growth and innovation take precedence.
FOBXX Marks Major Milestone for Coinbase’s Base
Franklin Templeton’s tokenized fund, FOBXX, is also live on Coinbase’s Base blockchain; therefore, investors can purchase shares and store them directly in their digital wallets via the Benji Investments application. This will make traditional assets more accessible to manage, and the security and efficiency of blockchain will be an added advantage.
FOBXX going live on Base recently is a big deal for the network, which launched in 2022 and has rapidly become one of the biggest names in the Ethereum layer-2 space. Meanwhile, Base welcomes its largest asset manager to date, FOBXX.
The move also provides a significant milestone for Base, which has emerged to onboard established institutions and make investing more accessible while utilizing blockchain for transaction speed and efficiency at much lower costs.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.
Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.
Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: