Franklin Templeton launches a new fund on Polygon

Investment giant Franklin Templeton announced that its Franklin OnChain U.S. Government Money Fund, or FOBXX, is now available on Polygon. 

FOBXX is a mutual fund registered in the U.S., with more than $270 million in assets under management (AUM). It mostly invests in government securities and repurchase agreements, with occasional cash investment. 

Franklin Templeton head of digital assets, Roger Bayston, says extending to Polygon makes the Fund more compatible with the rest of the digital ecosystem, which furthers its distribution reach through Layer-2 blockchains.

In a press release announcing the news, Franklin Templeton says it uses Stellar for transactions, adding that it “continues to see” operational efficiencies in the use of a blockchain-integrated system, namely more security, faster transaction processing, and lower costs. The fund says it will explore the Ethereum ecosystem further to discover new opportunities for its investors. 

Crypto will outperform gold, real estate and stocks, says Raoul Pal

Former executive with Goldman Sachs and the founder of Real Vision, Raoul Pal, believes crypto will outperform virtually all asset classes, as the current state of global finance continues on its downward spiral.

In a long Twitter post Pal published earlier this week, he explains that the downfall of First Republic Bank is bound to force the US government to print more money in order to service its enormous debt. At the same time, consumers won’t be able to keep up with rising costs, by asking for pay raises or being disciplined with their savings: 

“The outcome is that the debt payments and bailouts are really mutualized amongst the 99% while the 1% asset holders see the value of their assets rise (due to the fall in the denominator),” Pal explains.

“Incomes are not linked to the balance sheet, nor are revenues. They underperform. DO nothing and get poorer. After all, an asset is future deferred consumption thus if you own less assets, your future self is poorer.”

The only way to survive the coming onslaught is to buy “high quality crypto” and tech stocks, he says.

“Only two assets outperform this debasement: tech stocks and high quality crypto. Crypto has by far the highest beta to the global central bank balance sheets. Not Real estate, not gold, not SPX, not bond yields, not EM (emerging market) equities, not credit. They all perform in line with the central bank balance sheets, or underperform,” Pal concludes.

Shark Tank is going crypto

Crypto fans of the popular Shark Tank TV series, rejoice - as a crypto version of the show is coming to a streaming platform near you. CoinMarketCap and Hello Labs recently announced that they’re setting up “Killer Whale” - a television show based on the Shark Tank series, but for blockchain-based businesses. 

As of May 2, entrepreneurs and startups will be able to pitch their ideas and business models to a panel of judges, which includes Web3 companies’ founders, entrepreneurs, and influences in the industry. 

Jonathan Isaac, chief marketing officer at CoinMakerCap, expects KillerWhales to be a “fun and exciting opportunity” to show everyone the entrepreneurial energy teeming in the Web3 industry.

After sending the initial pitches, the selected startups will go through a number of interviews in Hollywood, California. The filming is expected to begin in June, with no concrete date on when the show might be released. We do know that it will come to “major streaming services”, as well as Hello Labs’ on-demand TV service, Hello TV.

JPMorgan buys out First Republic Bank

American multinational financial services company, JPMorgan Chase, is buying First Republic Bank (FRB) assets, following the failure of previous attempts to save the company. In a press release published by the Federal Deposit Insurance Corporation (FDIC), it was said that JPM will assume all FRB assets, including uninsured deposits. As per media reports, FRB holds more than $229 billion in assets, and almost $104 billion in deposits.

In total, 84 banks in eight U.S. states will soon reopen, rebranded as JPMorgan Chase. First Republic Bank customers will become JPM customers, and will be granted total deposits, as insured by the FDIC. 

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Wrapping Up

In today's edition of Datawallet's Daily Dose, we covered significant happenings across the crypto landscape. From Frank Templeton launching a new fund on Polygon, to Shark Tank going crypto, to whales expecting crypto to leave all other asset classes eating dust, the scene is as live and vivid as ever

Stay tuned for more blockchain breakthroughs and crypto updates, as we continue to navigate this exciting digital frontier together.