Franklin Templeton Develops On-Chain Financial Services on Solana[embed]https://www.youtube.com/watch?v=ik7lyl8wqNI[/embed]

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    <p>Financial services powerhouse Franklin Templeton announces the creation of a money fund focused on regulated securities utilizing the Solana (SOL) smart contract platform.</p>
    <p>During a session at the Solana Breakpoint 2024 event, Mike Reed, head of digital asset partnership development at Franklin Templeton, revealed that the final stage of their project involves submitting a filing to operate natively on the Solana blockchain.</p>

    <p>As stated by Reed, the tokens created by the firm on Solana will serve as true records of ownership.</p>
    <p><em>“We don’t rely on third parties; we mint directly on-chain. There is no off-chain record book that we maintain; the token itself is the official record of ownership. That token resides in your wallet, and it represents your authentic ownership.”</em></p>
    <figure id="attachment_302943" aria-describedby="caption-attachment-302943" style="width: 1024px" class="wp-caption aligncenter">
        <img decoding="async" class="wp-image-302943 size-full" src="https://dailyhodl.com/wp-content/uploads/2024/09/FT.png" alt="" width="1024" height="531" srcset="https://dailyhodl.com/wp-content/uploads/2024/09/FT.png 1235w, https://dailyhodl.com/wp-content/uploads/2024/09/FT.png?resize=300,155 300w, https://dailyhodl.com/wp-content/uploads/2024/09/FT.png?resize=768,398 768w, https://dailyhodl.com/wp-content/uploads/2024/09/FT.png?resize=1024,531 1024w, https://dailyhodl.com/wp-content/uploads/2024/09/FT.png?resize=750,389 750w, https://dailyhodl.com/wp-content/uploads/2024/09/FT.png?resize=1140,591 1140w" sizes="(max-width: 1024px) 100vw, 1024px"/>
        <figcaption id="caption-attachment-302943" class="wp-caption-text">Source: Mike Reed/YouTube</figcaption>
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    <p>Reed elaborates on the rationale behind selecting Solana as Franklin Templeton’s preferred blockchain.</p>
    <p><em>“Let me highlight a few aspects of Solana that we appreciate – its speed, as we aim to transact quickly and efficiently. The cost-effectiveness associated with running this system on-chain benefits both our firm and the end user.</em></p>
    <p><em>The modern architecture and standards implemented on Solana are extremely significant to us, and we are dedicated to creating industry standards. Lastly, the Solana team has been exceptional to collaborate with, and their development tools are unparalleled.”</em></p>
    <p>Currently, Solana is trading at $148.38, reflecting a 1.66% increase over the past 24 hours.</p>
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