Franklin Templeton to Buy 250 Digital Crypto Unit

Franklin Templeton has agreed to acquire 250 Digital, a cryptocurrency investment management firm, for an undisclosed sum. The companies expect the deal to close in the second quarter.

Franklin Templeton will buy 250 Digital’s investment team and “all liquid cryptocurrency strategies previously run by CoinFund.” 250 Digital’s CEO and CoinFund President Christopher Perkins will lead the newly formed Franklin Crypto unit, alongside Seth Ginns and Franklin Templeton Digital Assets executive Tony Pecore.

A portion of the consideration is expected to be paid in BENJI tokens, which represent shares of Franklin Templeton’s blockchain-based mutual fund.