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The acquisition follows CoinFund's decision earlier this year to spin out its liquid strategies business into 250 Digital as the crypto investment firm sharpened its focus on venture investing.

Franklin Templeton said Franklin Crypto will offer institutional investors actively managed cryptocurrency strategies, combining the investment capabilities of the former 250 Digital team with the asset manager's global distribution network. The company did not disclose the financial terms of the acquisition.

The new division builds on the asset manager's existing digital asset business, which includes a dedicated unit focused on digital asset research, portfolio construction and institutional risk management. Franklin Templeton manages approximately $1.78 trillion in assets and operates in more than 35 countries, according to the company.