The $1.7 trillion asset manager Franklin Templeton is establishing a new dedicated active crypto investment management arm through acquisition of 250 Digital.

Franklin Templeton has established Franklin Crypto to offer institutional investors actively managed cryptocurrency strategies the asset manager said in a statement.

The San Mateo, California-based asset manager first announced the acquisition and the new crypto division in April as part of its increasing push into digital assets. It has not disclosed financial terms of the deal

The new division will combine the investment capabilities of the former 250 Digital team with Franklin Templeton’s global distribution. Franklin Templeton will also invest its own capital into these liquid…