Financial services titan Franklin Templeton says it’s building a money fund for regulated securities on the smart contract platform Solana (SOL).
In a session during the Solana Breakpoint 2024 event, Mike Reed, Franklin Templeton’s head of digital asset partnership development, says that the investment giant’s last step to completing its project is to file to develop natively on the Solana blockchain.
According to Reed, the tokens minted by the firm on Solana would represent authentic records of ownership.
“We don’t use third parties, we mint authentically on-chain. We do not have an off-chain book of records that we maintain, the record of ownership is the token itself. You own that token in your wallet and that’s your authentic record of ownership.”
Reed goes on to explain why the Ethereum (ETH) competitor is Franklin Templeton’s blockchain of choice.
“I’ll point out the things that we like about Solana – speed, we want to be able to move money around very, very quickly. The cost efficiencies of running this system on chain are a benefit to both us as a firm and to you as an end user.
Modern architecture, the standards used on Solana, are extremely important to us and we’re working on developing standards that we believe should be used across the industry and lastly the Solana team has been absolutely fantastic to work with and their development tools are second to none.”
Solana is trading for $148.38 at time of writing, a 1.66% gain during the last 24 hours.
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