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Franklin Templeton Investments Asset Management Plans To Use Stellar Network

04 September 2019 11:23, UTC
Franklin Templeton Investments Asset Management Plans To Use Stellar Network

American asset management company Franklin Templeton Investments has filed a preliminary prospectus with the US SE) for a government money market fund with a focus on blockchain-based shares. According to SEC filing, Franklin Templeton’s fund will make investments in a range of products such as US government securities, repurchase agreements, and blockchain-based shares. Also, the document notes that the fund will not invest in cryptocurrencies.

Franklin Templeton has chosen the Stellar network to record the ownership of the fund’s shares. The fund’s investment manager ostensibly believes that blockchain-based shares will boost transparency and reduce settlement times, among other benefits to shareholders.

The document further explains that clients will be able to buy and redeem shares of the fund through a special app, where each investor will receive a blockchain wallet and a corresponding pair of public and private keys after an account is created. It is said that the fund will invest at least 99.5% of its total assets in government securities, cash and repurchase agreements, all collateralized fully by government securities or fiat cash money.

Image courtesy of: Financial Post



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