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Franklin Templeton, a $1.66 trillion asset manager, has announced the launch of its money market fund on Arbitrum. The Wall Street giant said in a press release that the Franklin OnChain U.S.

Global asset manager Franklin Templeton has announced the launch of its money market fund on the Arbitrum network. The Franklin OnChain US Government Money Fund (FOBXX) will be available on the blockchain and bridge the gap between traditional and digital finance.

It's a stamp of approval for the layer-2 from United States regulators.

The firm has launched its on-chain treasuries fund, the Franklin OnChain U.S. Government Money Fund (FOBXX), on Arbitrum. Arbitrum, the largest Ethereum Layer 2 network, now hosts this fund.

Franklin Templeton Money Market Fund is now available on the Arbitrum blockchain, joining previous platforms Stellar and Polygon.

The Franklin OnChain U.S. Government Money Fund is represented by the BENJI token and was previously launched on Stellar and Polygon.

The $420 million OnChain U.S. Government Money Market Fund was previously available on Stellar and Polygon.

ARB is trading at approximately $0.518, with a market capitalization of $1.73 billion and a trading volume of around $271 million. The cryptocurrency has experienced significant fluctuations, reaching an all-time high of $2.40 in January 2024 and falling to a new all-time low of $0.5773 in July 2024.

This update allows these chains to charge gas fees using any ERC20 token, including their tokens. Bridged USDC is now supported as a custom gas token on Arbitrum Orbit chains.

Arbitrum Orbit chains now support bridged USD Coin (USDC) as a custom gas token.

TL;DR Arbitrum has integrated USDC as a custom gas token for Orbit chains, simplifying transaction fee payments and improving cost stability. The incorporation of USDC offers predictability in transaction costs and eliminates the need for multiple tokens to cover gas fees.

Arbitrum said it has collaborated with stablecoin issuer Circle to support the use of bridged USD Coin (USDC) as a custom gas token for Orbit Chains, according to an Aug. 7 statement shared with CryptoSlate.

Gitcoin has announced that the twenty-first edition of its grants program, Gitcoin Grants 21, is officially live and will feature ecosystem rounds for Arbitrum and Celo. The Gitcoin Grants 21 program went live on Aug.

Ubisoft is teaming up with Arbitrum and Sequence to launch a new Web3 game based on the Netflix series Captain Laserhawk.

Layer 1 Ethereum competitor Arbitrum ($ARB) took some of the worst price losses of yesterday's market-wide crypto crash. While it quickly recovered 14% in the last 24 hours, its seven-day losses amount to 28%. It now trades for $0.5028 a token.

The Arbitrum Foundation has joined forces with Ubisoft and Sequence to launch a new game called ‘Captain Laserhawk: The G.A.M.E.

Arbitrum (ARB), the Layer 2 scaling solution for Ethereum, has seen its price tumble to an unprecedented low. Within the past 24 hours, ARB has dropped over 30%, reaching a record low of $0.44.

After trading under a bearish sentiment for the past few days, the cryptocurrency market has recorded a strong bullish reversal by adding 9.09% in valuation within the past 24 hours. Further, the market leader Bitcoin price has jumped approximately 10%, indicating a positive outlook.

Arbitrum's (ARB) price has plummeted by over 30% in the past 24 hours. This is due to its significantly positive correlation with leading assets such as Bitcoin (BTC) and Ethereum (ETH), whose values have plunged to multi-month lows within that period.

GMX decentralized exchange has listed two revenue-generating assets on the Arbitrum network. The two – Lido's wrapped staked Ether (wstETH) and Ethena Labs' synthetic dollar (USDe)- will support an ETH/USD perpetual futures marketplace on GMX version 2. The new listing reflects GMX's dedication to providing top-notch earning opportunities without compromising liquidity.

Arbitrum resumes its drive downward along with the broader market downturn investors are experiencing today. According to the latest market data, ARB is down nearly 14% since last week, putting more pressure on the bulls to slow the bearish tide.

As August approaches, notable token unlock events are expected to impact the market. BeInCrypto has highlighted the top five unlocks that could influence market dynamics.

With the crypto market stuck at $2.332T and Ethereum's recent drop of 7% compared to Bitcoin, this suggests a bearish view. Amid such conditions, the majority of altcoins are painted red with a breakdown of crucial support or reversal with a failed breakout.

The cryptocurrency market saw an increase in supply pressure this week, beginning with a sharp downturn in Bitcoin from $70,000 to $66,254—a 5% drop. This decline halted the recovery trend across most major altcoins and heightened the potential for corrections.