The Franklin Templeton fund is the first U.S. registered mutual fund to use a public blockchain for transaction processing and recording share ownership.
Franklin Templeton Taps Into Blockchain Technology
Franklin Templeton, which manages $1.4 trillion in assets, announced that its OnChain U.S. Government Money Market Fund (FOBXX) now supports Ethereum via layer 2 blockchain Polygon.
The fund became the first American mutual fund to process transactions and record shares ownership using a public blockchain, according to the firm’s press release. The Franklin Templeton und invests more than 99% of its assets in government securities, cash, and repurchase agreements to meet its goal of providing stable income to holders.
In a recent statement, Franklin Templeton said integrating blockchain into its system provides “operational efficiencies” such as greater security, faster transaction processing, and lower costs.
According to Colin Butler, Global Head of Institutional Capital at Polygon Labs, Franklin Templeton will use Polygon to provide transparency, interoperability, and safe,…