$1.7 trillion asset manager Franklin Templeton is creating a new arm dedicated to actively managing crypto investments through the acquisition of 250 Digital.
Franklin Templeton created Franklin Crypto to offer actively managed cryptocurrency strategies to institutional investors, the asset manager said in a statement.
The San Mateo, California-based asset manager first announced the acquisition and new crypto division in April as part of its growing push into digital assets. He did not disclose the financial terms of the deal
The new division will combine the investment capabilities of the former 250 Digital team with the global distribution of Franklin Templeton. Franklin Templeton will also invest its own capital in these liquid strategies as part of the closing agreement.
The new unit absorbs all 250 digital investment teams, as well as all liquid cryptocurrency strategies they previously ran under CoinFund, according to the release.
Crypto industry veterans Christopher Perkins and Seth Ginns will co-lead the new division. Perkins will serve as head of Franklin Crypto and chief investment officer, respectively.
Read more: Franklin Templeton offers new ETFs that turn company dividends into Bitcoin