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Franklin Templeton in a pioneering move uses Polygon to support its OnChain fund

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Franklin Templeton aims to enhance its operational efficiency by expanding its money market fund on Polygon. The plan is to bring more value for the fund’s shareholders by enhancing security, reducing costs, and enabling faster transaction processing.

Franklin Templeton in a pioneering move uses Polygon to support its OnChain fund

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  • 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. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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