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06/23 05:52
Franklin Templeton snaps up 250 Digital to chase c
Franklin Templeton snaps up 250 Digital to chase crypto boom
Franklin Templeton has completed its acquisition of crypto asset manager 250 Digital, adding new cryptocurrency investment strategies to its platform as the firm manages $1.78 trillion in assets worldwide.
According to Franklin Templeton, the deal has resulted in the creation of a new division called Franklin Crypto, which combines the investment team and crypto strategies previously operated by 250 Digital with Franklin Templeton’s existing digital asset capabilities.
Former 250 Digital executives Christopher Perkins and Seth Ginns will lead the unit alongside Franklin Templeton digital assets executive Tony Pecore. The financial terms of the transaction were not disclosed.
The acquisition closes a transaction first announced in April and comes after CoinFund spun out its liquid strategies business into 250 Digital earlier this year as the investment firm concentrated on venture-focused activities.
Franklin Crypto expands institutional investment offerings
Within the newly established division, Franklin Templeton said institutional investors will gain access to actively managed cryptocurrency strategies supported by the former 250 Digital team and the asset manager’s global distribution network.
Alongside the acquisition, Franklin Templeton continues to add crypto-related products across several parts of its business.
Earlier this month, the company integrated its BENJI tokenized money market fund with MoonPay Trade, allowing institutional clients to exchange stablecoins such as USDC and USDT for BENJI through MoonPay’s on-chain trading infrastructure.
Days later, Franklin Templeton filed to launch two exchange-traded funds that would automatically direct stock dividend income into Bitcoin-linked investments, according to previous crypto.news reporting.
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