Franklin Templeton connects a 270 million dollar fund to the Polygon network
One of the world’s biggest asset managers, Franklin Templeton, which oversees US$1.4 trillion, said on Wednesday that its OnChain U.S.
The Polygon network has added support for Government Money Fund, giving users access to the Ethereum blockchain.
According to the statement, Templeton’s Nasdaq-listed mutual fund is the first U.S. registered fund to employ a public blockchain to handle transactions and record share ownership.
According to its prospectus, the fund invests more than 99% of its assets in government securities, cash, and repurchase agreements in order to meet its objective of providing reliable income to investors.
Franklin’s Benji Investments app gives token holders access to the fund through digital wallets; each BENJI token represents one share of the fund.
Franklin Templeton claims that “operational efficiencies” including greater security, quicker transaction processing, and lower costs may be gained by incorporating blockchain technology into their system.
This action is in line with those taken by other established financial institutions that have begun using blockchain technology. In September of last year, EDX Markets, a digital asset exchange, was founded by Charles Schwab, Citadel Securities, Fidelity Digital Assets, and other Wall Street heavy hitters.