Financial services giant Franklin Templeton is making waves in the world of digital assets by developing a money fund for regulated securities on the smart contract platform Solana (SOL). This exciting project was revealed by Mike Reed, the head of digital asset partnership development at Franklin Templeton, during a session at the Solana Breakpoint 2024 event.
According to Reed, the final step in completing the project is to file for native development on the Solana blockchain. The tokens minted by Franklin Templeton on Solana will serve as authentic records of ownership, providing a transparent and secure way for investors to track their assets. Reed emphasized the firm’s commitment to minting tokens on-chain without the need for third parties, ensuring that the token itself is the sole record of ownership held by the investor.
One of the key reasons why Franklin Templeton chose Solana as its blockchain platform of choice is the platform’s speed and cost-efficiency. Reed highlighted the importance of being able to move money quickly and efficiently, as well as the benefits of running the system on-chain for both the firm and end users. Additionally, Solana’s modern architecture and development standards were important factors in the decision, with Franklin Templeton working to establish industry-wide standards for blockchain technology.
Solana, currently trading at $148.38, has seen a 1.66% gain in the last 24 hours, reflecting the growing interest in the platform among investors and developers alike. With its focus on speed, efficiency, and modern architecture, Solana is positioning itself as a key player in the world of digital assets and decentralized finance.
As Franklin Templeton continues to innovate and explore new opportunities in the digital asset space, its partnership with Solana is sure to drive further growth and development in the industry. By leveraging the unique features of the Solana blockchain, Franklin Templeton is paving the way for a more efficient and transparent future for regulated securities and financial services.
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