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Franklin Templeton Expands Onchain Fund to Aptos

Published

4 hours ago

October 3, 2024

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Asset management mogul Franklin Templeton has launched its Franklin OnChain US Government Money Fund (FOBXX) on Layer-1 blockchain Aptos.

The collaboration signifies growing institutional interest in further integrating traditional finance (TradFi) into decentralized finance (DeFi).

Franklin Templeton Launches FOBXX on Aptos

The American multinational holding company’s on-chain US Government Money Fund FOBXX, represented by the BENJI token, is now live on Aptos. This means institutional investors can access the asset in their digital wallets via Franklin Templeton’s blockchain-integrated Benji Investments platform and BENJI token.

The token received massive support at launch, recording more than $20 million in subscriptions upon debut. The frothing interest comes as it invests in low-risk US government securities with fixed, floating, and variable rates. It also repurchases agreements collateralized fully by US government securities or cash.

Noteworthy, Franklin Templeton’s FOBXX on Aptos is only available to eligible investors who can hold their wallets on the Aptos network, subject to request.

“We need to connect not just the TradFi and DeFi worlds, but EVM and non-EVM networks as well. Integrating the Benji Investments platform with the Aptos Network is a massive step in the right direction and we look forward to welcoming them to the Aptos ecosystem,” Aptos Foundation Head of Grants and Ecosystem Bashar Lazaar said.

The decision enhanced Franklin Templeton’s commitment to unlock new asset management capabilities with blockchain technology. Evidence of this is seen with the FOBXX already active on four other blockchains — Stellar, Polygon, Arbitrum, and Avalanche.

The latest choice, Aptos, came as the global asset management giant pursues the Layer-1 blockchain’s unique characteristics, said to align with its suitability standards for the Benji platform. DefiLlama data corroborates this supposition, showing increased interest in the network.

With a total value locked (TVL) of $553.92 million, the Aptos network has more than doubled its assets deposited by liquidity providers since July 2024. Additionally, the number of monthly active addresses on the Aptos network has seen significant growth this year, reaching 7.5 million as of September.

The recent development advances Franklin Templeton’s reach in the tokenized securities space, given that FOBXX pioneered US-registered funds’ venture into public blockchain in 2021. From inception, the fund aimed to process transactions and record share ownership.

Other players in the space include BlackRock (BUIDL), and Ondo Finance (USDY). Their individual and joint participation has catapulted the sector to a $2.058 billion market, data on Dune shows.

As shown below, BlackRock’s BUIDL is the leader in the space, accounting for 25.2% of the market share. In April, it sidestepped Franklin Templeton’s fund.

Tokenized Government Securities Valuation. Source: Dune

These reports highlight how traditional finance is progressively showing interest in the DeFi space. Recently, Grayscale launched AVAX trust, expanding its crypto investment portfolio with the latest focus on Avalanche. Meanwhile, Goldman Sachs is also reportedly planning three tokenization projects this year.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Aptos Expands Franklin Fund OnChain Templeton

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Bitcoin Price Poised for a Fresh Rally, Unless This Level Breaks

Published

58 mins ago

October 3, 2024

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Este artículo también está disponible en español.

Bitcoin price is consolidating above the $60,000 support. BTC could aim for a fresh increase unless there is a close below the $60,000 support.

Bitcoin is consolidating above the $60,000 support zone.
The price is trading below $61,500 and the 100 hourly Simple moving average.
There is a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $60,000 support zone.

Bitcoin Price Starts Consolidation

Bitcoin price extended its decline from the $62,350 resistance. BTC broke the $62,000 and $61,500 support levels to move into a short-term bearish zone. The price even dipped below $60,500.

A low was formed at $60,000 and the price is now consolidating losses. There was a minor increase above the $60,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low.

Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,250 level. The first key resistance is near the $61,500 level. There is also a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low. A clear move above the $61,500 resistance might send the price higher. The next key resistance could be $62,500.

Bitcoin Price — Source: BTCUSD on TradingView.com

A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $61,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,500 level.

The first major support is near the $60,000 level. The next support is now near the $59,200 zone. Any more losses might send the price toward the $58,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $61,500, and $62,500.

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Market

Will STRK Price Push Past Crucial Resistance?

Published

2 hours ago

October 3, 2024

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Starknet’s STRK token has lost nearly 10% of its value just a week after the ZK-Rollup platform initiated its first phase of staking. Currently trading at $0.38, STRK’s price has dropped 16% in the past 24 hours, making it the third-largest loser behind Beam (BEAM) and Arweave (AR).

Positioned below a critical resistance level, a further spike in selling pressure could push STRK’s price to retest its all-time low of $0.31.

Starknet Bears Defend Resistance

Readings from STRK’s one-day chart show that its price is currently hovering below the resistance formed by its Ichimoku Cloud at $0.43. When an asset’s price is below this cloud, it suggests that sellers have control, and any attempts to push higher are met with resistance from within or just above the cloud.

Traders view the cloud as a significant barrier, and breaking through it to the upside is difficult without strong buying momentum.

STRK Ichimoku Cloud. Source: TradingView

Moreover, STRK’s declining Chaikin Money Flow (CMF) reflects the lack of buying pressure to push above this key resistance level. This indicator, which measures money flow into and out of the market, recently broke below the zero line. At -0.03 at press time, selling pressure outweighs buying activity among STRK traders.

A negative CMF value indicates more capital outflow than inflow. This means traders are selling more of the asset than they are buying, leading to a price decline.

strk cmf — STRK Chaikin Money Flow. Source: TradingView

STRK Price Prediction: The Bulls Must Defend the Cloud

If selling pressure intensifies and STRK bulls cannot push the price above the cloud, the downtrend will likely gain momentum. The coin’s next target could be its all-time low of $0.31, last seen on August 5.

On the other hand, if a surge in buying activity occurs, STRK’s price may attempt to rally above the cloud, potentially reaching $2.25 — a high last recorded in March.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Did Changpeng Zhao Make or Lose Billions in Prison? Forbes and Bloomberg Weigh In

Published

3 hours ago

October 3, 2024

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Binance founder and former CEO Changpeng Zhao (CZ) was likely still growing his wealth despite his four-month confinement in California’s Lompoc II detention center.

The popular crypto executive exited prison recently, concluding his sentence two days ahead of the official release.

Changpeng Zhao’s Daily Earnings While In Prison Debated

According to Bloomberg’s methodology, Binance’s Changpeng Zhao saw his net worth decline significantly while in prison. As of June 2, his wealth was estimated at $36.5 billion, which fell to around $30.8 billion by September 27.

Bloomberg took a conservative approach in calculating this, valuing CZ’s holdings in Bitcoin (BTC), Binance Coin (BNB), and Binance.us at $0. Additionally, the value of his Binance.com equity was discounted by 50%, based on the average EV-to-sales multiple of peers like Coinbase, Galaxy Digital, and Riot Platforms.

However, Forbes disagrees with Bloomberg’s approach. While Bloomberg estimated CZ’s wealth to have dropped, Forbes suggests he may have earned billions while in prison, estimating his net worth at $61 billion on that same date. It means CZ had a daily income of about $25 million during the four-month period.

Forbes did not fully disclose its methodology. However, its data shows that CZ’s net worth was $33 billion on May 7 and $57.8 billion on July 12. This sharp contrast suggests that Forbes includes CZ’s crypto holdings and applies a less conservative discount on his equity in Binance. Forbes’ estimate implies that CZ may have gained at least $3 billion during his time in prison.

Forbes’ valuation primarily focuses on wealth derived from equity in privately held Binance-affiliated companies. If accurate, this suggests CZ made more money during his prison term than many executives earn in a lifetime.

As BeInCrypto reported, authorities released CZ from prison on Friday, September 27, two days ahead of official date. He served 117 days at Lompoc II, a minimum-security prison near Santa Barbara.

It is worth mentioning that these are estimates as the Binance-affiliated firms where CZ owns equity are private. Similarly, CZ has no obligation to report his assets publicly.

These facts make it rather opaque and difficult to calculate Changpeng Zhao’s net worth accurately. Bloomberg rated its confidence in the estimation at one out of five, putting it at the lowest level possible.

The post Did Changpeng Zhao Make or Lose Billions in Prison? Forbes and Bloomberg Weigh In appeared first on BeInCrypto.

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