Franklin Templeton, Citigroup turn to Solana for next-gen financial services

Franklin Templeton, Citigroup turn to Solana for next-gen financial services
фото показано с : cryptoslate.com

2024-9-21 20:15

Global financial giants Franklin Templeton and Citigroup have announced have announced plans to adopt the Solana blockchain for their upcoming financial services.

Franklin Templeton, a $1.4 trillion asset manager, plans to launch a mutual fund natively on Solana, while Wallstreet giant Citi is exploring the blockchain’s capabilities for smart contracts and cross-border money transfers.

The announcements were made during the Solana Breakpoint 2024 event in Singapore on Sept. 20, highlighting the growing interest from traditional financial (TradFi) institutions in DeFi solutions. ‘Both firms said they view Solana as a valuable platform due to its low transaction costs and ability to support high volumes of transactions, positioning it as an ideal blockchain for their services.

Franklin Templeton’s blockchain strategy

Franklin Templeton’s decision to launch a mutual fund on the Solana blockchain highlights the asset manager’s continued integration of blockchain technology into its operations.

Mike Reed, the firm’s partnership development lead, explained during the event that Solana’s cost efficiency and scalability were key factors behind the decision. He said:

“We see blockchain as essential for driving operational efficiency and reducing costs in our financial services. Solana offers the transactional capacity we need to handle the volume of ledger entries for a mutual fund, making it the right choice for this initiative.”

The new mutual fund will operate natively on Solana’s blockchain, further cementing Franklin Templeton’s position as a leader in blockchain-based financial services.

A recent report published by the firm praised Solana’s resilience and potential for supporting a new wave of crypto innovation. Despite the risks associated with blockchain investments, the report highlighted that the network is well-positioned for the future of decentralized finance.

The move builds on Franklin Templeton’s existing presence in the crypto space. The firm already manages spot exchange-traded funds (ETFs) for Bitcoin and Ethereum, which are listed on the Chicago Board Options Exchange (CBOE).

Citibank eyes cross-border payments

Meanwhile, Citi said it is exploring the Solana blockchain’s potential to enable seamless cross-border money transfers and deploy smart contracts. According to its representatives at the event, the bank sees blockchain as the future of finance.

Citibank has already tested blockchain applications in other areas of its business, having utilized the Avalanche blockchain earlier this year to tokenize private equity funds. Solana’s scalability and speed make it a compelling option for the lender’s continued exploration of blockchain for financial services.

The announcements from Franklin Templeton and Citibank signal a broader trend of increasing blockchain adoption among major financial institutions. Solana’s ability to handle large transaction volumes at a low cost has made it an attractive platform for companies looking to streamline operations and improve efficiency.

However, regulatory hurdles remain for Solana’s adoption in some areas. The US Securities and Exchange Commission (SEC) has been hesitant to approve a Solana-based ETF, with approval odds currently estimated at only 3%, according to industry analysts.

The post Franklin Templeton, Citigroup turn to Solana for next-gen financial services appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Доступно / Всего 861.833m FMF

financial solana franklin templeton plans announced blockchain

Источник: cryptoslate.com

financial solana → Результатов: 126


Solana Whales Add This New AI Social-Fi Crypto Coin To Their Portfolio Before 18,887% Rally

Whale investors, known for making large-scale investments in promising projects, have been making significant moves lately, and GoodEgg (GEGG) is now on their radar. This AI-powered Social-Fi coin, which merges social engagement with financial rewards, is gaining traction as a top choice for investors who are diversifying their portfolios.

2024-9-11 18:00


A Pump And Dump? Celebrity Memecoins Get A Boost From Lil Pump’s Solana Stunt

The world of memecoins has entered a bizarre new chapter, fueled by the outlandish antics of celebrities and questionable financial ventures. The latest episode features rapper Lil Pump, whose recent social media activity has left the crypto community scratching their heads and wondering – is this a stroke of marketing genius or a recipe for […]

2024-6-16 03:00


Investors from Litecoin (LTC) & Solana (SOL) seek high returns with Kelexo (KLXO) despite recent drops in major cryptocurrencies

Despite recent downturns in major cryptocurrencies, investors from the Litecoin (LTC) and Solana (SOL) sectors are rallying behind Kelexo (KLXO), drawn by its potential for high returns. The platform’s promising financial framework and forward-thinking lending model are seen as pivotal elements that could lead to substantial profitability, hence attracting a diverse group of investors looking […] The post Investors from Litecoin (LTC) & Solana (SOL) seek high returns with Kelexo (KLXO) despite recent drops in major cryptocurrencies appeared first on CaptainAltcoin.

2024-4-22 07:00


Experts show astonishing capabilities in Kelexo (KLXO) presale being catalyst for thousands of Bitcoin (BTC) & Solana (SOL) investors to buy presale

The cryptocurrency market, with its inherent volatility and ever-evolving landscape, presents both established instruments and innovative disruptors. Despite Bitcoin (BTC) and Solana (SOL) having the traditional positions of market participants, newcomers like Kelexo (KLXO) project fresh ideas that might change the course of the financial system.

2024-2-27 01:30


Kelexo (KLXO) bullish presale has continued Solana (SOL) & Avalanche (AVAX) investors buying in as 20x looking very likely for lending genius

In recent news, the presale progress of Kelexo (KLXO) has drawn investors’ interest suggesting a possible shift in the financial scene. Solana (SOL) shows promise with increasing Total Value Locked and user numbers and Avalanche (AVAX) is addressing challenges through prudent choices and partnerships.

2024-2-23 20:45


Solana’s Value Has Tripled in 2023, While This New Token Looks Set to Do the Same

In a year when Solana’s value has tripled, there’s another player on the crypto stage that’s catching the attention of investors and tech enthusiasts – InQubeta (QUBE) Solana’s Remarkable Rise The following content does not constitute the opinion of BeInCrypto and should not be construed as financial advice Solana (SOL), has experienced growth in value … Continued The post Solana’s Value Has Tripled in 2023, While This New Token Looks Set to Do the Same appeared first on BeInCrypto.

2023-10-31 16:45


Фото:

Here’s the biggest risk facing Cardano, Solana, Polygon, XRP, Cosmos

Investors are getting fearful as risks to the financial market rise. The fear and greed index has retreated from the year-to-date high of over 80 to the fear zone of 34. As a result, American stocks have pulled back from their highest levels this year, with the Nasdaq 100, S&P 500, and Dow Jones have […] The post Here’s the biggest risk facing Cardano, Solana, Polygon, XRP, Cosmos appeared first on Invezz.

2023-9-27 14:13


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru