Global asset manager Franklin Templeton is expanding its commitment to digital assets through its acquisition of a newly formed crypto-oriented spinoff from venture firm CoinFund. This strategic move shows the ongoing convergence of traditional finance and cryptocurrencies.

According to a WSJ exclusive, the deal revolves around 250 Digital, a firm that emerged from CoinFund this year. It is spearheaded by experienced crypto investors Christopher Perkins and Seth Ginns. More details regarding the acquisition are still pending.

Initially entering the crypto market back in 2018, Franklin Templeton has steadily enhanced its presence, transforming what began as an exploratory initiative into a well-structured operation. The firm’s digital asset division has built a team of over 50 specialists focused on blockchain technologies and crypto strategies.

Recently, the firm launched EZBC, a spot Bitcoin ETF, which currently manages over $427 million in assets. This acquisition signals a broader trend among traditional financial institutions as they seek to integrate digital assets into their core offerings to meet rising client demand.