Svmuu News: Franklin Templeton announced the completion of its acquisition of 250 Digital, an active crypto investment management firm, and the establishment of a new division called Franklin Crypto. The asset management firm, which manages $1.7 trillion in assets, did not disclose the financial terms of the deal. The new division aims to provide actively managed cryptocurrency strategies to institutional investors.
The new division will combine the investment capabilities of the former 250 Digital team with Franklin Templeton’s global distribution channels. As part of the closing agreement, Franklin Templeton will also invest its own capital in these liquidity strategies. The new unit has absorbed the entire 250 Digital investment team as well as all liquidity-focused cryptocurrency strategies previously operated under CoinFund. Cryptocurrency industry veterans Christopher Perkins and Seth Ginns will co-lead the new division. (CoinDesk)