Franklin Templeton $272mn OnChain Fund is now Powered by Polygon

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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.

Franklin Templeton

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.”

The Polygon(MATIC)

Matic cryptocurrency, also known as Polygon, has emerged as a beacon of innovation in blockchain technology’s vast and ever-evolving landscape. Spearheaded by a team of visionary developers in India, Matic has shattered the boundaries of scalability and interoperability, opening a new realm of possibilities for developers and users alike.

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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Harsh Panghal
Harsh Panghal

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