According to a report by The Wall Street Journal, Franklin Templeton, with assets under management totaling as much as $1.7 trillion, has agreed to acquire “250 Digital,” a company spun out from the crypto venture firm CoinFund, to further expand its lineup of cryptocurrency investment products.
The Wall Street Journal on Wednesday, citing statements from Franklin Templeton’s innovation chief Sandy Kaul, said that after the deal is completed, the newly formed cryptocurrency business unit will be named “Franklin Crypto,” focusing on the institutional investment market. Its clientele includes retirement funds, sovereign wealth funds, and other large institutional investors. The specific terms of the transaction were not disclosed.
So far, both sides have not disclosed the transaction amount or specific terms.
250 Digital was spun off from the venture firm CoinFund and became independent in January this year, led by CoinFund’s two senior executives, Christopher Perkins and Seth Ginns.
Franklin Templeton has been involved in the cryptocurrency industry since 2018. It currently has a digital assets team of about 50 people, under which it has already launched a tokenized crypto-market fund, and it is also the issuer of the U.S. spot Bitcoin and Ethereum ETFs.
Sandy Kaul told The Wall Street Journal: “The recent deep pullback in the cryptocurrency market has, at just the right moment, created a very rare miracle—one that led our team to unanimously believe that now is the perfect time to ‘pull the trigger’ and move into action.”
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