{"id":439994,"date":"2024-08-22T16:45:38","date_gmt":"2024-08-22T15:45:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=439994"},"modified":"2024-08-22T16:34:27","modified_gmt":"2024-08-22T15:34:27","slug":"avax-rebounds-7-as-grayscale-and-franklin-templeton-join-network","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/avax-rebounds-7-as-grayscale-and-franklin-templeton-join-network\/","title":{"rendered":"AVAX rebounds 7% as Grayscale and Franklin Templeton join network"},"content":{"rendered":"<p>Avalanche's <a href=\"https:\/\/cryptoslate.com\/coins\/avalanche\/\">AVAX<\/a> token surged nearly 7% to around $25 following the announcement that major institutional firms \u2014\u00a0<a href=\"https:\/\/cryptoslate.com\/companies\/grayscale-investments\/\">Grayscale<\/a> and <a href=\"https:\/\/cryptoslate.com\/companies\/franklin-templeton\/\">Franklin Templeton<\/a> \u2014 were expanding their products to the blockchain network's ecosystem.<\/p>\n<p>The price increase helped reverse the recent downtrend for AVAX, which has fallen 20% over the past month amid broader market stagnation. Despite the recovery, the token is still down 82% from its all-time high of over $145 in November 2021, according to <em>CryptoSlate\u00a0<\/em>data.<\/p>\n<p>However, Avalanche continues to stand out among large-cap blockchain networks, playing a crucial role in the adoption of real-world asset (RWA) tokenization through strategic partnerships.<\/p>\n<h2>AVAX Fund<\/h2>\n<p>On Aug. 22, Grayscale announced the launch of the Avalanche Trust, a crypto investment fund offering investors direct exposure to AVAX.\u00a0The trust mirrors Grayscale's existing single-asset investment products and focuses exclusively on AVAX.<\/p>\n<p>Grayscale Head of Product & Research Rayhaneh Sharif-Askary <a href=\"https:\/\/www.globenewswire.com\/news-release\/2024\/08\/22\/2934225\/0\/en\/Grayscale-Investments-Launches-Grayscale-Avalanche-Trust.html\">highlighted<\/a> the launch as a significant expansion of the company's crypto offerings.<\/p>\n<p>She noted that Avalanche has been pivotal in advancing <a href=\"https:\/\/cryptoslate.com\/tokenized-real-world-assets-rwa-where-are-they-now\/\">RWA tokenization<\/a> through the network's unique &#8220;three-chain smart contract platform designed to simultaneously optimize for scalability, network security, and decentralization.&#8221;<\/p>\n<p>Over the past month, Grayscale has <a href=\"https:\/\/cryptoslate.com\/grayscale-adds-sui-and-bittensor-trusts-to-its-crypto-product-suite\/\">broadened its product lineup<\/a>, introducing new trusts for several crypto, including the <a href=\"https:\/\/cryptoslate.com\/grayscale-unveils-makerdao-focused-trust-enhancing-defi-access-for-investors\/\">DeFi protocol MakerDAO<\/a>, the decentralized AI project <a href=\"https:\/\/cryptoslate.com\/coins\/bittensor\/\">Bittensor<\/a>, and the layer-1 blockchain network <a href=\"https:\/\/cryptoslate.com\/coins\/sui\/\">Sui<\/a>.<\/p>\n<h2>Franklin Templeton expands to Avalanche<\/h2>\n<p>Similarly, leading asset management firm Franklin Templeton has expanded its on-chain money market fund \u2014 Franklin OnChain U.S. Government Money Fund (FOBXX) \u2014 to the Avalanche network, according to an Aug. 22 <a href=\"https:\/\/www.avax.network\/blog\/franklin-templeton-launches-tokenized-money-market-fund-benji-avalanche\">announcement<\/a>.<\/p>\n<p>The fund offers dividends from yields on US Treasury assets while keeping a stable price of $1 per share. Investors can buy shares through the Benji Investments platform, where each BENJI token equals $1 in FOBXX shares.<\/p>\n<p>Roger Bayston, Head of Digital Assets at Franklin Templeton, said:<\/p>\n<blockquote><p>&#8220;Bringing the Benji platform to the Avalanche network further expands access to our first-of-its-kind tokenized money market fund. We look forward to working with Avalanche\u2019s vibrant developer community to bring new blockchain-enabled innovations into the market.&#8221;<\/p><\/blockquote>\n<p>Launched in 2021, FOBXX became the first money market fund to use a public blockchain for recording transactions and ownership. According to Dune Analytics data, the fund is the second-largest US securities tokenization platform, with a market cap of $420 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Avalanche&#8217;s AVAX token surged nearly 7% to around $25 following the announcement that major institutional firms \u2014\u00a0Grayscale and Franklin Templeton \u2014 were expanding their products to the blockchain network&#8217;s ecosystem. The price increase helped reverse the recent downtrend for AVAX, which has fallen 20% over the past month amid broader market stagnation. Despite the recovery, [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":440000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,76736],"tags":[79101,76686],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AVAX rebounds 7% as Grayscale and Franklin Templeton join network<\/title>\n<meta name=\"description\" content=\"Grayscale and Franklin Templeton drive AVAX&#039;s 10% surge with new blockchain products.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/avax-rebounds-7-as-grayscale-and-franklin-templeton-join-network\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AVAX rebounds 7% as Grayscale and Franklin Templeton join network\" \/>\n<meta property=\"og:description\" content=\"Grayscale and Franklin Templeton drive AVAX&#039;s 10% surge with new blockchain products.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/avax-rebounds-7-as-grayscale-and-franklin-templeton-join-network\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-22T15:45:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-22T15:34:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/avalanche_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/avax-rebounds-7-as-grayscale-and-franklin-templeton-join-network\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/avax-rebounds-7-as-grayscale-and-franklin-templeton-join-network\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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