Global asset manager Franklin Templeton has formed a dedicated crypto division called Franklin Crypto through the acquisition of 250 Digital, a crypto investment firm and spinoff from CoinFund. The deal brings the entire 250 Digital team and its investment strategies to Franklin Templeton, which will invest in those strategies. Notably, part of the payment for the acquisition will be made using BENJI tokens, the on-chain tokens representing Franklin Templeton’s money market fund.
Franklin Templeton announced the formation of its crypto unit, Franklin Crypto, following its acquisition of 250 Digital. The acquisition is expected to close during the second quarter and will bring the 250 Digital team and all its crypto strategies to the global asset manager.
The firm will invest in those strategies as part of the transaction. Christopher Perkins, previously head of 250 Digital, will join as Head of Franklin Crypto.
“Crypto’s institutional moment has arrived, and Franklin Crypto will help our global clients navigate this complex and rapidly evolving asset class by delivering the expertise, knowledge and digital asset products that meet their sophisticated investment needs,” Perkins said in a statement. Seth Ginns, his former co-leader, will become Chief Investment Officer of the new division.
Franklin Templeton CEO Jenny Johnson welcomed the team in a separate statement. “Together, their investment talent and differentiated strategies strengthen our capabilities in digital assets and position us among a small group of global asset managers with a dedicated, institutional-grade crypto investment management team,” she added.
While financial details were not disclosed, the firm confirmed that BENJI tokens will be used as payment considerations. This move was described as “an important and innovative step toward conducting M&A transactions on chain.”
The BENJI tokens represent Franklin Templeton’s on-chain money market fund, first launched in 2021. The fund has since expanded its access to multiple blockchain networks including Ethereum, Solana, Base, and Arbitrum.
The formation of Franklin Crypto follows closely behind another recent tokenization initiative by the asset manager. Just one week prior, the firm announced a deal with Ondo Finance to launch tokenized versions of five of its exchange-traded funds.
