Asset management giant Franklin Templeton has acquired 250 Digital, establishing a new division focused on cryptocurrency investments.
Franklin Templeton, managing assets worth $1.7 trillion, has completed its acquisition of 250 Digital, a firm specializing in active cryptocurrency management. The financial terms of the deal have not been disclosed, but it marks a significant step for Franklin Templeton into the digital asset space.
The newly formed Franklin Crypto division aims to provide institutional investors with actively managed cryptocurrency strategies. This division will combine the investment expertise of the 250 Digital team with Franklin Templeton's extensive distribution capabilities. The firm also plans to allocate its own capital towards these new investment strategies.
Christopher Perkins and Seth Ginns, both well-versed in the cryptocurrency market, will lead Franklin Crypto, with Perkins serving as the head and chief investment officer. This acquisition, first announced in April, underscores Franklin Templeton's commitment to expanding its footprint in the realm of digital assets.
