$1.7 trillion asset manager Franklin Templeton is establishing a new arm dedicated to active cryptocurrency investment management by acquiring 250 Digital.
Franklin Templeton has established Franklin Crypto to offer institutional investors actively managed cryptocurrency strategies, the asset manager said in a statement.
The San Mateo, California-based asset manager first announced the acquisition and new cryptocurrency division in April as part of its growing push into digital assets. He has not disclosed the financial terms of the deal.
The new division will combine the investment capabilities of the former 250 Digital team with Franklin Templeton’s global distribution. Franklin Templeton will also invest its own capital in these liquid strategies as part of the closing agreement.
The new unit absorbs the entire 250 Digital investment team, along with all of the liquid cryptocurrency strategies they previously ran under CoinFund, according to the statement.
Crypto industry veterans Christopher Perkins and Seth Ginns will co-lead the new division. Perkins will serve as a director of Franklin Crypto and chief investment officer, respectively.
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