Franklin Templeton has acquired 250 Digital, which was spun out of CoinFund in January, and will expand its cryptocurrency investment business, the Wall Street Journal reported on Tuesday.
250 Digital is led by former CoinFund executives Christopher Perkins (크리스토퍼 퍼킨스) and Seth Ginns (세스 긴스). After the deal closes, the company will be renamed Franklin Crypto. The terms of the deal were not disclosed.
Franklin Templeton entered the cryptocurrency market in 2018 and currently has more than 50 staff dedicated to digital assets. Franklin Crypto plans to offer strategy products aimed at institutional investors such as pension funds and sovereign wealth funds.
Sandy Kaul (샌디 카울), head of Franklin Innovation, said, "A massive selloff in the cryptocurrency market is creating a very unique opportunity, and we have become convinced that now is the right time to make a decision."
Franklin Templeton had more than $1.7 trillion in assets under management as of February.
Chi-gyu Hwang
delight@d-today.co.kr