Franklin Templeton in a pioneering move uses Polygon to support its OnChain fund
- Franklin Templeton launched its OnChain U.S. Government Money Market Fund on the Polygon network.
- The integration with Polygon will allow the fund’s customers to access Ethereum’s $260 billion ecosystem.
Franklin Templeton, a New York-based investment firm with $1.4 trillion in assets under management, expanded its OnChain U.S. Government Money Market Fund by integrating it into Polygon, a popular Ethereum scaling solution.
This move is part of the company’s efforts to improve operational efficiency by leveraging blockchain-integrated systems.
Franklin Templeton Taps Into Ethereum’s $260 billion Ecosystem
Polygon will enable the company to extend the distribution of its OnChain money market fund while also enhancing security, reducing costs, and facilitating faster transaction processing.
By integrating with Ethereum’s ecosystem, the investment giant hopes to tap into its $260 billion market and bring greater value to its shareholders.
Moreover, this is not the first time the OnChain fund has made a blockchain debut. In 2021, it was launched on the Stellar network.
Templeton is the first U.S.-registered mutual fund to utilize a public blockchain for processing transactions and recording share ownership.
Each share of the fund is represented by a BENJI token. The token holders can access the money market fund in digital wallets using the Benji investments application.
Colin Butler, Global Head of Institutional Capital at Polygon Labs, said:
“It’s amazing to have a legacy institution like Franklin Templeton bringing transparency, interoperability, and secure, democratized access to their financial instruments, all things afforded with Polygon. Tokenized assets are going to positively rewire the global financial system, and Franklin Templeton is at the forefront of this movement.”
While speaking at the recently held Consensus Festival, Franklin Templeton CEO Jenny Johnson stated that crypto industry players should stop complaining about the regulatory climate in the United States.
She said companies need to accept that more regulations will be imposed, even if they don’t agree with them. She believes that the future of the crypto industry will be regulated.