Asset Management Giant Wants Government Money Market Fund on Stellar

Must Read

Eight Things in Crypto You Can’t Afford to Miss This Week

In this roundup, we cover China's market-rattling resistance to Bitcoin, the increasing drumbeat toward crypto regulation, the...

Why the Cloud Industry Needs to Become Greener

According to Energy Post, the Internet will consume 20% of the projected electricity demand...

Your Wallet May Not Be as Secure as You Think; Here’s What To Do

Remember the egregious breach that exposed Ledger’s entire trove of customer data to the public?...
- Advertisement -
Earn Free Bitcoin

American asset management firm Franklin Templeton Investments has filed a preliminary prospectus with the United States Securities and Exchange Commission (SEC) for a government money market fund with a focus on blockchain-based shares.

According to a Sept. 3 SEC filing, Franklin Templeton’s fund will make investments in a range of products such as U.S. government securities, repurchase agreements, and blockchain-based shares. However, the document notes that the fund will not invest in cryptocurrencies.

Stellar network-recorded shares

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 cash.

New prospects for Stellar

This summer, major global firms including the Stellar Foundation, Ethereum Foundation and Fidelity began supporting a new blockchain accelerator program called Startup Studio. The project is set up to provide workshops to blockchain startups to help them enhance product design, law and engineering, smart contract development, finance and hiring — among others.

Stellar also partnered with IBM in an effort to create a real-time, controlled global payment network. The deployment of Stellar protocol will purportedly allow IBM Blockchain World Wire to serve as a network provider for international payments.

- Advertisement -
- Advertisement -

Latest News

Sunday Market Analysis from Trendtracers

BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more...
- Advertisement -Earn Free Bitcoin

Earn Passive Income with Nhash Cloud Mining Services

Cloud mining services are an easy way to earn passive income online. Although...

Afri-X and DigiShares Bring Tokenization to Africa

DigiShares is proud to announce its partnership withAfri-x.com to deliver the power of tokenization to Africa. DigiShares has licensed its tokenization platform to...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to announce that it has been...

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...