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Franklin Templeton’s Fund Now Supported on Ethereum via Polygon Blockchain

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According to reports, Franklin Templeton, who manages approximately $1.4 trillion in assets, stated that his OnChain US government money market fund (FOBXX) is now supported on Eth

Franklin Templeton’s Fund Now Supported on Ethereum via Polygon Blockchain

According to reports, Franklin Templeton, who manages approximately $1.4 trillion in assets, stated that his OnChain US government money market fund (FOBXX) is now supported on Ethereum through the second tier blockchain Polygon. This investment giant stated in a press release that it continues to improve operational efficiency through the use of blockchain integrated systems, including improving security and accelerating transaction processing speed. The investment company stated in a press release that the fund is the first mutual fund registered in the United States to use public blockchain to process transactions and record equity. On Monday, Stellar Network announced that the fund could be used on its network. Stellar’s market value is $2.5 billion, while Polygon’s market value exceeds $9.5 billion.

Franklin Templeton Expands His Money Market Fund on Polygon

Franklin Templeton, a renowned investment management company that manages assets worth approximately $1.4 trillion, has announced that its OnChain US government money market fund (FOBXX) is now supported on Ethereum through the second-tier blockchain Polygon. This development marks a significant milestone as the fund becomes the first mutual fund registered in the United States to use public blockchain technology to process transactions and record equity.

Making Operational Efficiency Strides

According to the investment company, the integration of blockchain technology is a strategic move that aims to improve operational efficiency. Franklin Templeton believes that blockchain-integrated systems offer several benefits, including enhancing security and accelerating transaction processing speed. With the integration of the Polygon blockchain, the fund’s operation costs and transaction fees are expected to reduce significantly while simultaneously improving its efficiency.

Exploring Public Blockchain Technology

The adoption of public blockchain technology for asset management is a relatively new concept, and Franklin Templeton’s move to join the blockchain wagon is a significant step towards embracing blockchain technology’s potential. The ability to record transactions and store immutable data utilizing public blockchain technology will revolutionize the asset management industry, and we expect that more investment companies will emulate Franklin Templeton’s steps.

Stellar Network and Polygon Blockchain

On Monday, Stellar Network announced that the fund could also be used on its network, adding that the request to support the fund is now being processed. The Stellar Network is a decentralized platform specially designed for trading and transferring money assets. The platform boasts a market value of $2.5 billion and enables users to convert funds between assets within the network instantly.
The partnership between Franklin Templeton and Polygon Blockchain is significant because Polygon’s market value exceeds $9.5 billion. The platform provides its users with a fast and secure blockchain network that supports cross-chain interoperability, allowing users to exchange assets between different blockchain networks quickly.

Conclusion

Franklin Templeton’s decision to integrate Polygon blockchain technology with its OnChain US Government Money Market fund (FOBXX) is a significant development in the asset management industry. The benefits of introducing blockchain to the financial system have been demonstrated, and the use of blockchain technology in asset management has been increasing in popularity over the past few years. We expect that competition will rise between blockchain networks and investment companies as they seek to provide their clients with the best services possible.

FAQs

Q: What is the significance of the integration of Polygon blockchain with the OnChain US government Money Market Fund (FOBXX)?
A: The integration aims to enhance the operational efficiency of the fund, reduce transaction fees and costs, and improve security.
Q: Who else supports the OnChain US government money market fund (FOBXX)?
A: The Stellar Network also announced on Monday that the fund could be used on its network following the integration with the Polygon blockchain.
Q: What is the importance of the adoption of public blockchain technology in the asset management industry?
A: The adoption of public blockchain technology in asset management offers several benefits, including enhancing security, improving operational efficiency, and reducing transaction fees and costs.

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