Franklin Templeton Expands Blockchain Fund to Avalanche

By: Eva Baxter

In a significant move for the cryptocurrency space, Franklin Templeton has expanded its blockchain-based money market fund to Avalanche, the blockchain network that supports the AVAX cryptocurrency. This expansion marks a pivotal shift for the traditional finance institution as it continues to embrace decentralized technologies and digital assets.

Franklin Templeton's money market fund was already known for its technological integration, with its official record of share ownership maintained on the Stellar blockchain. With the addition of Avalanche, the fund's distributed ledger technology broadens its horizon, offering enhanced scalability and efficient transaction processing. Furthermore, the fund is also considering the use of other blockchains such as Polygon and Arbitrum for certain accounts, leveraging their unique advantages.

This expansion is expected to provide numerous benefits, including increased security, transparency, and accessibility for investors. Avalanche, known for its high throughput and low-latency consensus protocol, will enable the fund to handle a larger number of transactions swiftly and securely. It reflects a growing trend where traditional financial entities integrate blockchain technologies to stay at the forefront of innovation.

Franklin Templeton's move is part of a broader strategy to tap into the burgeoning decentralized finance (DeFi) sector. By integrating with multiple blockchains, the firm can offer diverse and resilient solutions to its clients, reducing dependency on any single network. This approach also positions the company well for future technological advancements and market shifts, emphasizing its commitment to leading in blockchain finance.