In a press release during Consensus 2023, the investment giant said that using a blockchain-integrated system will continue to improve operational efficiencies, including enhanced security and faster transaction processing.
The fund is the first U.S.-registered mutual fund to process transactions and record equity ownership using a public blockchain, the investment firm claimed in a press release. Monday, Stellar Network announced Funds are available in that network. Stellar has a market cap of $2.5 billion and Polygon has a market cap of over $9.5 billion.
Roger Baston, Head of Digital Assets at Franklin Templeton, said: in a press release.
Franklin Templeton, a past proponent of blockchain technology, continues to improve operational efficiencies by using a blockchain integration system, according to a statement. The firm announced in September that it would offer digital asset strategies to wealth managers.
Aimed at providing stable income to its holders, the fund invests at least 99.5% of its assets in government securities, cash and repurchase agreements. A money market fund is a mutual fund that invests in short-term, highly liquid investments, intended to provide investors with a low-risk option.
According to the press release, one share in Franklin Templeton’s fund will be represented by one “BENJI” token, allowing holders to gain exposure to the fund through a digital wallet via the Benji Investments app.
“Tokenized assets are poised to aggressively rewire the global financial system, and Franklin Templeton is at the forefront of this move,” said Colin, Global Head of Institutional Capital at Polygon Labs. Butler said in a press release.