Franklin Templeton Establishes Crypto Wing with Acquisition

Global asset manager Franklin Templeton has made a significant move into the crypto market by acquiring 250 Digital, a spinoff from CoinFund. This acquisition marks the establishment of Franklin Crypto, a new unit that will focus on providing institutional-grade crypto investment management services to clients worldwide.

The deal brings the 250 Digital team and their expertise in crypto strategies to Franklin Templeton, which will invest in these strategies as part of the agreement. The company's CEO, Jenny Johnson, noted that this acquisition strengthens its capabilities in digital assets and positions it among a small group of global asset managers with dedicated crypto investment management teams.

Franklin Templeton is also utilizing BENJI tokens, its on-chain money market fund, as payment considerations for the deal. This innovative step marks one of the first times that M&A transactions have been conducted using blockchain technology.