Financial services giant Franklin Templeton has announced that it is building a fund of funds for regulated securities on its smart contract platform Solana (SOL).
In a session at the Solana Breakpoint 2024 event, Mike Reed, Franklin Templeton’s head of digital asset partnership development, said the final step for the investment giant to complete its project is to apply to develop natively on the Solana blockchain.
According to Reed, tokens issued by companies on Solana represent a solid record of ownership.
“We don’t use a third party, we mint on-chain for real. We don’t have an off-chain ledger that we maintain, the record of ownership is the token itself. You own that token in your wallet, and that’s your real record of ownership.”
Reed explains why Franklin Templeton chose Ethereum (ETH) as his competitor blockchain.
“Let me tell you what we like about Solana. Speed, we want to be able to move money very, very quickly. The cost efficiency of running this system on chain is a win-win for both us as a company and you as an end user.
“Modern architecture, the standards used at Solana are very important to us, and we are working to develop standards that we believe should be used across the industry. Finally, the Solana team has been fantastic to work with, and their development tools are unparalleled.”
At the time of writing, Solana is trading at $148.38, up 1.66% over the last 24 hours.
Don’t miss out – subscribe to receive email notifications straight to your inbox
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Generated image: Midjourney