On Wednesday, April 26th, Franklin Templeton revealed that it has moved its OnChain U.S. Government Money Fund to the Polygon blockchain.
Franklin Templeton is one of the most prominent asset managers in the world, with about $1.5 trillion under its management. On Wednesday, Franklin Templeton announced that its OnChain U.S. Government Money Fund (FOBXX), listed on Nasdaq, would move to Polygon to make it more compatible with the digital ecosystem.
The Polygon Powered Franklin Templeton Fund
The fund invests most of its $272 million in government securities, cash, and repurchase agreements. It is the first fund to use blockchain technology to track share ownership and transactions. The fund can be traded anytime because of the blockchain’s nature.
The fund is listed under the name FOBXX and is available via the application Franklin’s Benji Investments.
“By moving the Franklin OnChain U.S. Government Money Fund to Polygon blockchain, the Fund can be more compatible with the digital ecosystem, especially through a blockchain-based on Ethereum,” said Roger Bayston, the Head of Digital Assets.
Elsewhere, Franklin Templeton CEO Jennifer Johnson also commented on the future of crypto and how Bitcoin is a distraction.
Johnson said that Bitcoin is a massive distraction from the most considerable disruption [coming to the financial system], which is blockchain.
She also said that the U.S. would restrict the use of Bitcoin if it ever became so big that it threatened the U.S. dollar’s status as the reserve currency. “Currencies are important for governments to manage their economies,” she said. “They will not give up their currency to this idea of a global currency.”
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At the heart of Matic’s ground-breaking approach is its pioneering use of a Layer 2 scaling solution, which seamlessly integrates with the underlying blockchain to offer lightning-fast and low-cost transactions. This revolutionary approach ensures that Matic remains highly secure and decentralized while unlocking unparalleled levels of speed and efficiency.
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