Financial services giant Franklin Templeton has announced that it is building a money fund for regulated securities on smart contract platform Solana (SOL).
Speaking during a session during the Solana Breakpoint 2024 event, Mike Reed, head of digital asset partnership development at Franklin Templeton, said the investment giant's final step in completing the project is to apply to develop natively on the Solana blockchain.
According to Reed, the tokens the company issues on Solana will serve as a legitimate record of ownership.
“We don’t use a third party and we genuinely mint it on-chain. We don’t have an off-chain register that we control, and the record of ownership is the token itself. You own the token in your wallet, and that is the genuine record of your ownership.”
Reed further explained why an Ethereum (ETH) competitor was chosen as Franklin Templeton's blockchain:
“If there's one reason we love Solana, it's speed. We want to move money very quickly. The cost efficiencies of running this system on-chain are a win-win for both us as a company and you, the end user.”
Modern architecture, the standards used by Solana, is very important to us and we are committed to developing standards that we believe should be used across the industry. Finally, the Solana team is incredibly great to work with and their developer tools are second to none.”
Solana is trading at $148.38 at the time of writing, up 1.66% over the past 24 hours.
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