Standing out with its $1.4 Trillion assets, Franklin Templeton’s FOBXX fund will now support the popular altcoin project Polygon network! Here are the details…
Franklin Templeton’s FOBXX fund will support this altcoin project!
cryptocoin.com Franklin Templeton, who has approximately $1.4 trillion in assets under his management, stated that OnChain US Government Money Market Fund (FOBXX) is now supported on Ethereum through the layer-2 blockchain platform Polygon (MATIC).
The investment giant said in a press release during Consensus 2023 that it continues to see operational efficiencies through the use of blockchain integrated systems, including increased security and faster transaction processing.
FOBXX is the first US-registered mutual fund to use a public blockchain to process transactions and record share ownership. The fund’s transfer broker, Franklin Templeton Investor Services, maintains the official shareholding record through a proprietary blockchain integrated system. Launched in 2021, the fund was first made available on the Stellar blockchain. In a statement by Franklin Templeton spokesperson, it is also stated that the second blockchain supported by the fund is Polygon, and more networks may be supported in the future.
Another name making a statement is Roger Bayston. “Expanding the reach of the Franklin OnChain US Government Monetary Fund to Polygon allows the fund to be more aligned with the rest of the digital ecosystem, specifically through an Ethereum-based blockchain,” Roger Bayston, head of digital assets at Franklin Templeton, said in a press release.
The giant company maintains its interest in cryptocurrencies!
Franklin Templeton, who has been an advocate of blockchain technology in the past, continues to see operational efficiency using a blockchain integrated system, according to the statement. The firm announced in September that it would offer digital asset strategies to wealth managers. Aiming to provide a stable income to its holders, the fund invests at least 99.5 percent of its assets in government securities, cash and repurchase agreements. Money market funds are mutual funds that invest in highly liquid and short-term investments that aim to offer investors low-risk options.
On the other hand, after the recent market volatility and banking crisis, investors are flocking to money market funds to hedge their investment risks. With more institutional investors turning to digital assets, traditional finance (TradFi) players are using this opportunity to connect both worlds by offering such funds via blockchain technology. Recently, Ondo Finance said it offers a stablecoin alternative that will be pegged to the US dollar and backed by money market funds traded on traditional exchanges.
Polygon (MATIC) is growing day by day!
Ethereum scaling platform Polygon continues to grow. Tens of thousands of decentralized applications use the blockchain Polygon, which has processed a total of more than 2.35 billion transactions to date. The Polygon network supports some of the biggest web3 projects, including Uniswap and OpenSea, as well as businesses like Robinhood, Stripe, and Adobe. Instantly, the popular altcoin MATIC is trading at $1.03, up 7%.
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