Franklin Templeton is expanding its Benji tokenization platform to Ethereum, following previous launches on Polygon and Stellar.
Following the introduction of Aptos, Avalanche, Arbitrum, and Base in 2018, Franklin Templeton is introducing its Benji tokenization platform on the Ethereum network. This marks the fifth launch of the year involving cryptocurrencies.
Until now, it was exclusively launched on Polygon and Stellar. With the launch of this product, the company has reached a significant milestone in its efforts to build new and innovative blockchain solutions for existing customers.
Franklin Templeton Pushes Tokenization Forward with Ethereum Launch
In an article on X, Franklin Templeton announced its plan to expand its Benji tokenization platform to the Ethereum network. This announcement follows the earlier launches of Aptos, Avalanche, Arbitrum, and Base.
Up until recently, the platform was exclusively accessible on Polygon and Stellar. The product launch marks a significant advancement in the development of blockchain solutions for customers.
This contribution will enhance the capabilities of Ethereum’s tokenized money, thereby leveraging its virtual machine and smart contract capabilities. Tokenized treasuries have seen their overall market value rise to more than $2.37 billion, as indicated by data from RWA.
This represents an increase of almost 2% over the course of the week. It is XYZ. With a value of $409 million, the on-chain market fund offered by Franklin Templeton is the third largest in the industry, following BlackRock’s BUIDL and Ondo’s USDY by value.
BlackRock has recently increased the use of BUIDL to include Aptos, Polygon, Arbitrum, and Avalanche. Optimism’s OP Mainnet was also included. BlackRock has witnessed a huge onslaught in the cryptocurrency market this year with its Bitcoin exchange-traded funds (ETFs) in January, followed by BUIDL.
This is in contrast to Franklin Templeton’s fund, which has been operational since 2021. Carlos Domingo, the Chief Executive Officer of Securitize, took the opportunity to discuss the multi-chain growth of BUIDL.
He said that this development marked a significant point in the company’s history, as it was the first time that Securitize issued the same asset on multiple chains. Furthermore, Domingo asserted that the alterations made to their blockchain architecture suggest their potential significance.
FOBXX Marks Major Milestone for Coinbase’s Base
In the world of tokenized funds, where rapid development and innovation are crucial, the situation is about to escalate significantly. The tokenized fund of Franklin Templeton, known as FOBXX, is now live on the base blockchain of Coinbase, enabling investors to purchase shares and store them directly in their digital wallets through the Benji Investments application.
This will improve the accessibility and management of traditional assets, and the efficiency and safety offered by blockchain technology will be an additional benefit. Not too long ago, FOBXX went live on Base, marking a significant event for the network.
Initially introduced in 2022, FOBXX has quickly emerged as one of the most prominent names in the Ethereum layer-2 ecosystem. Meanwhile, Base is pleased to announce the arrival of FOBXX, its largest asset manager to date.
For Base, which has risen to onboard existing institutions and make investing more accessible while employing blockchain for transaction speed and efficiency at significantly reduced costs, this move also marks a key milestone. Base has emerged to accomplish these goals by making investment more accessible.
