In short
- Franklin Templeton is acquiring 250 Digital, a CoinFund spinoff, as it forms its crypto wing, Franklin Crypto.
- The company is bringing the 250 Digital team on board as well as its cryptocurrency trading solutions, which it will use as part of the partnership.
- It is using BENJI tokens, its money market fund, as payment in the deal.
Global wealth manager Franklin Templeton announced on Wednesday that it is forming a crypto group—Frankling Crypto—after acquiring 250 Digital, a cryptocurrency investment company and spinoff from CoinFund.
The acquisition, expected to close in Q2, brings the 250 Digital team and all of its crypto strategies to Franklin Templeton, which will divest those strategies as part of the deal.
“Crypto’s defining moment has arrived, and Franklin Crypto will help our global clients navigate this complex and fast-moving asset class by providing expertise, knowledge and digital products that meet their financial needs,” said Franklin Crypto CEO Christopher Perkins in a statement.
Perkins, who will join the company and become Franklin Crypto’s division head, led 250 Digital alongside Seth Ginns, who will step up and serve as Franklin Crypto’s Chief Investment Officer.
“This is an exciting addition to Franklin Templeton, and we are excited to welcome Chris, Seth and the 250 Digital team to our company,” Franklin Templeton CEO Jenny Johnson said in a statement.
“Together, their investment expertise and diverse approach strengthen our financial capabilities and place us among a small group of global asset managers with a dedicated, dedicated cryptocurrency team, expanding our ability to serve clients worldwide,” he added.
Although the purchase price was not disclosed, the company noted that BENJI tokens – which represent its money market fund – will be used as payment, “identifying an important and strategic role in M&A transactions on the chain.”
The company first released a tokenized fund in 2021, before expanding their opportunities Ethereum in 2024. Since then, it has expanded to other popular blockchain networks such as Solana, and Ethereum network expansion like Base and A choice.
His latest crypto venture comes after just one week announced a partnership with Ondo Finance to launch a range of tokens of its five exchange-traded funds (ETFs).
A representative for Franklin Templeton did not immediately respond Decrypt’s ask for feedback.
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