Franklin Templeton’s flagship cryptocurrency product is now accessible on a new digital asset network, this time being Coinbase’s Base, an Ethereum scaling network. The Wall Street giant revealed the extension of its OnChain U.S. Government Money Market Fund (FOBXX) to the crypto exchange’s layer-2 network on Thursday. Base, which is Coinbase’s Ethereum scaling network, was established and launched by the largest crypto exchange in America to enable developers to swiftly and affordably create new cryptocurrency products.
Coinbase’s offering has gained popularity, and in its Q3 earnings report released on Wednesday, the exchange stated that Base had solidified its position as the leader in on-chain activity. The company informed shareholders that the number of transactions processed had increased by 55% quarter-over-quarter. The Nasdaq-listed FOBXX is a digitalized fund that allows customers to invest in U.S. government securities, cash, and repurchase agreements. Investors can purchase shares of FOBXX and store them in digital wallets through Franklin Templeton’s Benji Investments mobile app. The product is also accessible on Avalanche, Arbitrum, Stellar, Polygon, and Aptos.
Franklin Templeton initially entered the digital asset space in 2019 by digitizing shares for a money market fund on the Stellar blockchain. In 2021, the company announced a digital asset venture fund and operates Ethereum and Bitcoin exchange-traded funds (ETFs).