Financial services giant Franklin Templeton has announced the creation of a money market fund for regulated securities on the smart contract platform Solana (SOL).
During a session at the Solana Breakpoint 2024 event, Mike Reed, Franklin Templeton’s head of digital asset partnership development, said the investment giant’s final step in completing its project is to file for native development on the Solana blockchain.
According to Reed, the tokens minted by the company on Solana would represent authentic documents of ownership.
“We don’t use third parties, we create authentic tokens on-chain. We don’t have an off-chain ledger that we maintain, the ownership ledger is the token itself. You own that token in your wallet and that’s your authentic ownership ledger.”
Reed continues to explain why Ethereum (ETH) competitor is Franklin Templeton’s blockchain of choice.
“I’m going to highlight the things we like about Solana: speed, we want to be able to move money very, very quickly. The cost savings of running this on-chain system is a benefit to us as a company and to you as an end user.
The modern architecture and standards used on Solana are extremely important to us and we are working towards standards that we believe should be used across the industry. Finally, the Solana team has been absolutely fantastic to work with and their development tools are second to none.
Solana is trading at $148.38 at the time of writing, a gain of 1.66% over the last 24 hours.
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