Franklin Templeton, a financial services giant says that it is building a smart contract platform called Solana to build a money-fund for securities regulated by the SEC.SOL).
Mike Reed, Franklin Templeton’s Head of Digital Asset Partnership Development, said that Franklin Templeton’s final step in completing the project was to submit a request to build natively on Solana Blockchain.
Reed claims that tokens made by Solana represent genuine records of ownership.
“We don’t use third parties, we mint authentically on-chain. We do not have an off-chain book of records that we maintain, the record of ownership is the token itself. You own that token in your wallet and that’s your authentic record of ownership.”
Reed goes on further to explain the Ethereum (ETHThe blockchain chosen by Franklin Templeton is a competitor.
“I’ll point out the things that we like about Solana – speed, we want to be able to move money around very, very quickly. This system is cost-efficient, which benefits both the firm as well as you.
We are very interested in modern architecture and the Solana standards. Also, we are working to develop standards for the entire industry. Lastly, we have found the Solana development team to be absolutely wonderful to work and the tools they provide are unmatched.”
Solana currently trades for $148.38, which is a gain of 1.66% over the past 24 hours.
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