Sydney crypto fund JellyC bets $75m on Franklin Templeton-led pilot to woo big super
JellyC, which has over $100m under management, is the first APAC crypto fund to join a program by two tradfi giants that hopes to ease concerns about FTX-style crypto collapses.
Sydney crypto fund JellyC will funnel over USD50 million ($75 million) into a new program spun up by Franklin Templeton, Standard Chartered and exchange OKX that hopes to win investments from Australia's superannuation funds.
The trio's "collateral mirroring" program promises to protect investors' capital even if OKX suffers an implosion like FTX did in 2022, with the goal being to ease the anxieties of institutions looking to explore the blockchain.
"We are the first fund in the APAC region going ahead with this," said JellyC co-founder Michael Prendiville. "We're setting ourself up so wealth managers and institutions can allocate to us."
The "Collateral mirroring" program sees JellyC buy into Franklin Templeton's tokenised money market fund (TMMF), which is then stored as collateral by Standard Chartered. The value of those assets will then be mirrored on OKX, where JellyC will invest them into cryptocurrencies like Bitcoin and Ethereum.
