Franklin Templeton wants to launch a Stellar-based fund
Crypto News

Franklin Templeton wants to launch a Stellar-based fund

  • An investment company experiments with Stellar-based blockchain.
  • Investors will get access to tokenized shares via a mobile app.

Franklin Templeton, a large investment company with assets wrth over $700 billion under management plans to launch a fund for short-term investments. The shares of the fund will be tokenized on Stellar blockchain shares will be tokenized on the Stellar blockchain. The corresponding provisional application is published on the website of the US Securities and Exchange Commission (SEC).

According to the document, the fund will invest “at least 99,5% of the assets under management in government securities, cash and repurchase agreements fully secured by government securities or cash.”  

The document also states that ownership rights will be stored and registered exclusively on the Stellar blockchain. Franklin Templeton expects that the blockchain technology will increase transparency and reduce settlement time; however, the initiative is still in test mode and can be abandoned at any time by the decision of the company.

Also, the company builds a mobile application will allow investors to purchase and redeem tokenized shares directly from the company and track their balance in the Stellar blockchain.

The company noted that after registration, each investor will have an individual wallet.

Also, yesterday we reported that VanEck and SolidX will not wait for the SEC permission to launch Bitcoin ETFs and provide institutional investors with access to the product in the near future.
 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.