As an experienced crypto investor with roots dating back to the early days of Bitcoin, I find the recent move by Franklin Templeton into Coinbase’s Ethereum scaling solution, specifically Base, quite intriguing. Having witnessed the evolution of blockchain technology from its humble beginnings to the decentralized finance (DeFi) revolution we see today, it’s fascinating to observe traditional Wall Street giants like Franklin Templeton diving headfirst into this space.
The large Wall Street company, Franklin Templeton with a value of $1.5 trillion, has become the initial major wealth manager to adopt Coinbase’s Ethereum scaling solution.
As a researcher, I’m excited to share that I recently discovered Franklin Templeton has made it possible for me, and other users, to trade shares of their OnChain U.S. Government Money Market Fund (FOBXX) on the efficient, layer-2 network, Base. This development represents a significant step forward in seamless, digital asset trading.
With a total asset value of $410 million, FOBXX has debuted on five different blockchains: Arbitrum, Polygon, Avalanche, Aptos, and Stellar. This means that Base is now the sixth platform to host Franklin Templeton’s tokenized Treasury fund.
This announcement signifies another blend of conventional and digital finance sectors. Notably, our fellow asset manager BlackRock has introduced their USD Institutional Digital Liquidity Fund, often referred to as BUIDL, onto Ethereum’s primary network in collaboration with Ethereum-native protocols such as Ethena Labs.
The new connection has been established. Our exclusive, blockchain-connected recordkeeping system, Benji, is now operational on @base! This makes Franklin Templeton the pioneer asset manager operating on Base.
— Franklin Templeton Digital Assets (@FTDA_US) October 31, 2024
BlackRock primarily operates on a foundational blockchain (layer-1) and holds the biggest digital asset money market, whereas Franklin Templeton has concentrated their FOBXX fund’s operations on secondary blockchain networks (layer-2).
Second-layer solutions operate on top of layer-1 blockchains, offering a more cost-effective and faster transaction experience. These environments are ideally suited for on-chain financial markets such as money markets and tokenized treasuries. Franklin Templeton’s FOBXX was the pioneer in using decentralized technology for trading, with L2 Arbitrum serving as its initial platform.
Moving onto Coinbase’s layer-2 platform could potentially accelerate Base’s expansion. Since its launch in 2022, the network has garnered more than $2.6 billion in deposits from users and was ranked as the fifth-largest decentralized finance blockchain, as reported by DeFiLlama at the time of writing.
The foundation, introduced by America’s largest cryptocurrency trading platform, is recognized as Ethereum’s leading scalability option due to factors such as the number of active addresses, total value held, and daily transaction volume.
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2024-10-31 18:43