Franklin Templeton and Citibank Turn to Solana for Blockchain Finance
Franklin Templeton, a trillion-dollar asset management firm, has announced its intention to utilize the Solana network for an on-chain mutual fund.
In addition, Citibank is also considering Solana for processing transfers and smart contract services, signaling a strong endorsement for the Solana ecosystem amid positive developments.
At the 2024 Solana Breakpoint event, Franklin Templeton’s Mike Reed revealed the firm’s plans to launch the mutual fund on Solana, emphasizing the network’s cost-effectiveness as a key factor in their decision.
The firm believes blockchain technology can enhance their financial services and plans to build an in-house development team to handle the tokenization of these funds, ensuring robust infrastructure for trading on the blockchain.
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Citibank, also speaking at the conference, expressed its interest in leveraging Solana for its financial operations, recognizing blockchain’s potential in modern finance.
Both companies’ focus on Solana could lead to increased liquidity for the SOL token, especially with the possibility of a Spot Solana ETF on the horizon. With strong fundamentals and upcoming innovations like the Seeker mobile device and ZK Compression upgrade, Solana appears well-positioned for future growth.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
