tl;dr
Jenny Johnson, President and CEO of Franklin Templeton, spoke at the 27th Annual Milken Institute Global Conference about the benefits of blockchain in asset management. She emphasized the potential of blockchain in tokenizing real-world assets and highlighted the cost efficiency and new investment ...
Jenny Johnson, President and CEO of Franklin Templeton, champions blockchain technology in asset management, envisioning mutual funds and ETFs moving to blockchain in the future.
Franklin Templeton leads the way in blockchain adoption, launching the Franklin OnChain US Government Money Fund (FOBXX) with BENJI tokens representing fund shares on the Stellar and Polygon blockchains.
The BENJI token, backed by assets including government securities and cash, achieves a market capitalization of $367 million, establishing itself as a key player in the digital asset space.
Franklin Templeton further embraces blockchain by introducing a Bitcoin ETF and seeking SEC approval for a spot Ethereum ETF. Johnson highlights the benefits of blockchain, emphasizing its potential in tokenizing real-world assets and promoting cost efficiency and new investment opportunities.
Jenny Johnson, President and CEO of Franklin Templeton, asserts the impending transition of mutual funds and ETFs to blockchain, emphasizing the technology’s cost-effectiveness and potential to unlock new investment opportunities. She cites the company's successful experiment in processing account records on the blockchain, highlighting its substantial cost savings and effectiveness.
Johnson also underscores blockchain's role in enhancing data reconciliation in financial services, reducing costs, and facilitating new investment avenues. She illustrates the broader potential of blockchain with Rihanna's issuance of NFTs for song royalties, demonstrating its real-world application beyond financial assets.
Franklin Templeton's Franklin OnChain US Government Money Fund (FOBXX) stands as a groundbreaking US-registered fund leveraging public blockchains for transactions and share documentation. The BENJI token, operating on Stellar (XLM) and Polygon (MATIC) blockchains, uniquely represents shares of the FOBXX fund, comprising assets like government securities and cash, offering a stable yield.
The BENJI token's market capitalization of $367 million positions it as a significant player, second only to BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). Franklin Templeton expands the functionality of BENJI tokens to enable peer-to-peer transfers on the public blockchain, consolidating its commitment to blockchain innovation.
In its ongoing blockchain integration, Franklin Templeton launches a Bitcoin ETF, drawing modest net flows of $351 million, and seeks SEC approval for a spot Ethereum ETF, further cementing its position at the forefront of blockchain-based investment offerings.
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