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 cryptocurrency venture capital firm CoinFund, to further expand its lineup of cryptocurrency investment products.
The Wall Street Journal on Wednesday, citing comments from Sandy Kaul, Franklin Templeton’s innovation chief, 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 clients include retirement funds, sovereign wealth funds, and other large institutional investors. The specific terms of the transaction were not disclosed.
So far, neither side has publicly disclosed the specific transaction amount or terms.
In January of this year, 250 Digital was spun out and spun off from the venture capital firm CoinFund, 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 asset team of about 50 people, and it has already launched a tokenized cryptocurrency market fund. It is also the issuer of U.S. spot Bitcoin and Ether ETFs.
Sandy Kaul told The Wall Street Journal: “The recent sharp pullback in the cryptocurrency market has just created a once-in-a-lifetime miracle, leading our team to unanimously believe that now is the perfect time to ‘pull the trigger’ and get moving.”
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