This article briefly:
•Traditional financial institutions are leveraging blockchain technology to reboot the financial system in 2024.
•Leading fund manager Franklin Templeton launched mutual fund FOBXX on the Polygon blockchain.
•Many TradFi institutions, including JPMorgan Chase, are upgrading their infrastructure around blockchain technology.
Traditional financial (TradFi) institutions are preparing to accelerate the adoption of blockchain technology to restart the financial system in 2024.
Recently, TradFi institutions have recognized the potential of blockchain and distributed ledger technology. Undoubtedly, this technology offers faster and more cost-effective transactions, prompting financial institutions to seek ways to harness its power.
TradFi Institutional Uses Blockchain to Redesign Financial Markets
Sandy Kaul, head of digital assets and industry advisory services at Franklin Templeton, told Bloomberg:
“The adoption of this technology is actually accelerating very rapidly, and now you’re really seeing for the first time how we can redesign the global financial markets ecosystem.”
Franklin Templeton is one of the world’s largest fund managers, with more than $1.5 trillion in assets under management (AUM).
Earlier this year, it launched a mutual fund on the Polygon blockchain called the Franklin OnChain U.S. Government Money Fund (FOBXX). As of November 30, 2023, FOBXX has total net assets of $329.38 million.
Not to mention, Franklin Templeton applied to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF) in September 2023. According to data, the SEC is expected to respond to Franklin Templeton’s ETF application on September 2023 and January 5, 2024.
However, the final deadline is March 31, 2024.
Not only Franklin Templeton Fund, many other TradFi institutions also plan to upgrade their infrastructure around blockchain technology. Notably, JPMorgan Chase, one of the world’s largest banks, has also been using blockchain to enhance payment transfers.
It is reported that JPM Coin is available 24/7 and can speed up dollar payments between bank customers. The screenshot below shows some of the initiatives implemented by the famous TradFi institution in 2023.
Do you have anything to say about the blockchain ambitions of traditional financial institutions or anything else? #区块链技术 #金融体系
