Franklin Templeton’s Fund Launches on Polygon Blockchain

Franklin Templeton’s Fund Launches on Polygon Blockchain

Blockchain news, News

Franklin Templeton, a global investment management company, announced on Wednesday that the “Fund” is supported on the Polygon blockchain. The Franklin OnChain U.S. Government Money Fund (FOBXX) is referred to as the “Fund” and uses public blockchain for both recording share ownership and processing transactions.

The Fund also aims to offer investors a stable $1 per share price by investing at least 99.5% of its assets in government securities and other financial instruments. One BENJI token, which is offered in the Benji Investment Application’s digital wallets, is used to represent one share of the Fund in this.

An integrated blockchain system is used by the transfer agent of the first mutual fund to be registered in the United States to record and maintain share ownership. Franklin Templeton’s focus on increased security, decreased fees, and quicker transactions is another way it hopes to help Fund shareholders.

Franklin Templeton jpeg

What Statements Do Representatives Make?

Adding Polygon to the Franklin OnChain U.S. Government Money Fund expands the Fund’s compatibility with the rest of the digital ecosystem, particularly through an Ethereum-based blockchain, according to Roger Bayston, Head of Digital Assets at Franklin Templeton. By utilizing a Layer 2 (L2) blockchain with a successful track record, we can expand our distribution reach.

But according to Colin Butler, Global Head of Institutional Capital at Polygon Labs, Franklin Templeton emerges as the leader. Considering that it offers interoperability provided by Polygon and secure, transparent access. Furthermore, he thinks the tokenized assets will have a positive effect on the world financial system.

Butler continued by saying that the Polygon blockchain ecosystem has proposed DeFi, NFTs, and enterprise adoption involving its sidechain, sovereign blockchains, layer 2, and Ethereum scalability solutions. It’s important to note that the Polygon blockchain provides access to a $260 billion market, which is almost equivalent to the value of Ethereum-based (ERC-20) assets.

In addition, Polygon Labs investigates a futuristic path for the widespread adoption of Web3.

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