Asset manager Franklin Templeton (NYSE: $BEN) is launching a new cryptocurrency investment unit following the completion of its 250 Digital acquisition.
Franklin Templeton, which manages $1.7 trillion U.S. of investor assets, says it is now offering institutional clients actively managed crypto strategies.
The investment first announced the 250 Digital acquisition in April as part of its ongoing expansion into digital assets. Financial terms of the 250 Digital deal haven't been disclosed.
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250 Digital was a cryptocurrency investment firm that specialized in liquid digital asset strategies. It has been completely absorbed by Franklin Templeton.
The new division will combine the investment capabilities of the former 250 Digital team with Franklin Templeton's global investment management group.
Franklin Templeton said it also plans to invest its own capital into cryptocurrencies such as Bitcoin (CRYPTO: $BTC) moving forward.
The new crypto unit includes the entire 250 Digital investment team, according to a written statement from Franklin Templeton.
Crypto industry veterans Christopher Perkins and Seth Ginns will co-lead the new crypto unit. Perkins will serve as Head of Franklin Crypto and Ginns will be Chief Investment Officer (CIO).
BEN stock has risen 47% over the last 12 months to trade at $33.69 U.S. per share.