Franklin Templeton agrees to buy CoinFund spinoff to expand crypto investment offering: WSJ
Franklin Templeton will acquire 250 Digital, a CoinFund spinoff, to bolster its crypto investment capabilities and launch 'Franklin Crypto'.Summary
Franklin Templeton, a major asset manager with over $1.7 trillion in assets, has agreed to purchase 250 Digital, a company spun out of venture firm CoinFund. This acquisition aims to expand Franklin Templeton’s presence in the cryptocurrency market, and the new crypto division will be named Franklin Crypto, targeting institutional investors like pension funds and sovereign wealth funds. 250 Digital is led by Christopher Perkins and Seth Ginns, both formerly of CoinFund. Franklin Templeton entered the crypto space in 2018 and already offers a tokenized money market fund and spot Bitcoin and Ethereum ETFs. According to Sandy Kaul, Franklin’s head of innovation, the recent crypto market downturn presented a strategic opportunity to acquire talent and establish a stable platform for crypto trading.
(Source：The Block)