Major US asset management firm Franklin Templeton has recently established a blockchain venture fund that aims to raise $20 million in total. The company has already raised $10 million for the new initiative, according to an SEC filing on Wednesday.
The Franklin Templeton Blockchain Fund I, L.P. will be a pooled venture capital fund. The filing noted that it would invest in U.S. government securities, repurchase agreements, portfolio maturity and quality as well as blockchain-based shares.
The company has noted that the ownership of the Fund’s shares will be recorded on the Stellar network. It has clarified that the fund will not invest in cryptocurrencies.
Franklin is increasingly turning its attention towards cryptocurrencies and has taken on several initiatives on the same. Just last week, the company revealed that it was recruiting individuals for its digital asset team.
The company is looking for a ‘cryptocurrency research analyst’ who “will be expected to help develop and manage new products in the Crypto Asset space”, according to the job description.
The company became an investor in a fund launched in the summer by US crypto investor Galaxy Digital and is also participating in a funding round conducted yesterday by crypto startup Amberdata, which handles crypto-related data.