On April 26, Polygon Labs announced launching their blockchain over Franklin OnChain U.S. Government Money Fund to ensure secure access.
- Reports say that the Fund launches on the Polygon blockchain.
- Aiming for transparent, and secure democratized access to financial systems.
On Wednesday, a global investment managing organization, Franklin Templeton announced the ‘Fund’ is supported on the Polygon blockchain. The ‘Fund’ refers to the Franklin OnChain U.S. Government Money Fund (FOBXX) which uses public blockchain for processing transactions and recording share ownership respectively.
The first U.S.-registered mutual fund has a transfer agent that records and maintains the share ownership using a blockchain-integrated system. Furthermore, Franklin Templeton wants to benefit Fund shareholders by focusing on enhanced security, reduced charges, and faster transactions.
What Do Representatives Say?
The Head of Digital Assets at Franklin Templeton, Roger Bayston said,
“Extending the reach of the Franklin OnChain U.S. Government Money Fund to Polygon enables the Fund to be further compatible with the rest of the digital ecosystem, specifically through an Ethereum-based blockchain. This furthers our distribution reach through a Layer 2 (L2) blockchain that has a proven track record.”
Consequently, Butler added that the Polygon blockchain ecosystem has put forth DeFi, NFTs, and enterprises adoption involving its sidechain, sovereign blockchains, layer 2, and Ethereum scalability solutions. Significantly, the Polygon blockchain gives access to a $260 billion market which is nearly equal to Ethereum-based (ERC-20) assets.
Moreover, Polygon Labs explores a futuristic way for the massive adoption of Web3 together.