Bitcoin

Ethereum

Franklin Templeton's CEO, Jenny Johnson, believes that blockchain is the real game-changer in financial services, rather than Bitcoin, as it has the potential to revolutionize the industry. Johnson made these remarks during a conversation with Coindesk's chief content officer Michael Casey at the Consensus conference in Austin, Texas, where the financial services giant is a sponsor.
In her conversation with Casey, Johnson noted that while Bitcoin has been making headlines for its volatile price swings and potential to threaten the US dollar as a reserve currency, blockchain technology will have a much greater impact. "Bitcoin is the greatest distraction from the greatest disruption that is coming to financial services, which is blockchain," Johnson said.
In her 20 minute conversation with Casey, Johnson also touched on developing crypto-linked investment products in a bear market, the mood among her mutual fund giant’s clients, and her long-term hopes for the technology on Wednesday at the Consensus conference in Austin, Texas, where the firm is a sponsor.
Read more: <a href="https://www.blockhead.co/2023/04/27/metas-reality-labs-reduces-losses-zuckerberg-makes-ai-vr-link/" rel="noopener noreferrer nofollow">Meta's Reality Labs Reduces Losses, Zuckerberg Makes AI-VR Link</a>
Discussing crypto regulation, Johnson noted differences among jurisdictions globally. "Places like Hong Kong, Singapore, and the UAE are probably a bit more advanced…I think it's important that we all recognize that this will be regulated, so it's best to work with the regulators on it."
Franklin Templeton, a 75-year-old investment firm that manages US$1.5 trillion on behalf of clients, has been actively involved in the digital asset space, having announced a <a href="https://www.sec.gov/Archives/edgar/data/1882656/000188265621000001/xslFormDX01/primary_doc.xml?ref=blockhead.co" rel="noopener noreferrer nofollow">US$20 million blockchain venture fund</a> in 2021. Its digital assets team has been engaged in intensive research and technical development within the digital asset ecosystem, creating product expertise and strategy differentiation, while supporting and investing in digital asset networks.
<h2 id="header-0">New Money Market Fund</h2>
Recently, Franklin Templeton announced that its OnChain U.S. Government Money Fund (FOBXX), the first U.S.-registered mutual fund run on a blockchain, is <a href="https://www.franklintempleton.com/press-releases/news-room/2023/franklin-templeton-money-market-fund-launches-on-polygon-blockchain?ref=blockhead.co" rel="noopener noreferrer nofollow">now supported on Ethereum via Polygon</a>. FOBXX is Franklin Templeton's crypto product which puts cash into American government securities, cash, and repurchase agreements. 
It currently has over $270 million in assets under management, and investors can buy shares of FOBXX and hold them in digital wallets via the Benji Investments mobile app.
Johnson said she sees the "opportunity for a global Benji" and believes that multi-chain and cross-chain capabilities is an important evolution. 
With blockchain technology, investments can be made more efficient for clients, Johnson said, noting that she is optimistic about the new investment opportunities that the space brings. 
The future of financial services may just be on the blockchain.
 The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:
<ul>
 <li><a href="https://blockhead.co/tag/blockbeat?ref=blockhead" rel="noopener noreferrer nofollow">BlockBeat</a> for a wrap-up of the week’s digital assets news</li>
 <li><a href="https://blockhead.co/tag/blockhead-brief?ref=blockhead" rel="noopener noreferrer nofollow">Blockhead Brief</a> for weekend happenings as well as what to look forward to in the week ahead</li>
 <li><a href="https://www.blockhead.co/tag/business-bulletin/" rel="noopener noreferrer nofollow">Business Bulletin</a> for macroeconomic updates and industry developments.</li>
</ul>
To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer nofollow">here</a> to subscribe for FREE.

Blockchain, Not Bitcoin, is the Real Game-Changer, According to Franklin Templeton CEO

Table of Contents

Blockhead

Other articles published on Apr 27, 2023

Google Cloud Partners With Polygon to Accelerate Web3 Development

Bitget To Support AI Developer Fetch.ai With $10 Million Injection

Regulators Want Crypto to “Stay the F*** Away”: Caitlin Long + Erik Voorhees (Consensus 2023 LIVE)

ColdStack Partners With Forcefi

5 Narratives To Pay Attention To in 2023

Visa Has Ambitious Crypto Plans, Crypto Daily TV 27/4/2023 $USDC

Join our free newsletter for daily crypto updates!