According to CoinDesk, Franklin Templeton, a Silicon Valley-based asset manager with $1.6 trillion under management, is expanding its operations in the digital asset space. Jenny Johnson, the company's president and CEO, stated during a panel discussion at Consensus 2024 in Austin that the firm is running approximately 30 validator nodes on 12 different blockchains, including Ethereum, Cardano, Stellar, and Provenance. This is a significant increase from the six networks mentioned on the company's website.
Johnson explained that the appeal of blockchain technology lies in its ability to efficiently record and reconcile transactions, potentially leading to cost savings. She noted that Franklin Templeton currently employs hundreds of people to reconcile data between systems, a process that could be streamlined with blockchain technology. The technology offers a single 'source of truth' and records transaction timings more accurately than traditional methods, which could reduce costs and administrative workloads.
The company has also been a pioneer in tokenization, the process of making real-world assets such as funds and bonds available on digital asset platforms. Johnson stated that Franklin Templeton launched the first money market fund available on-chain using the Stellar network in 2021, well ahead of competitors like BlackRock.
In addition to its blockchain operations, Franklin Templeton is also awaiting approval to launch an exchange-traded fund (ETF) for ether, the second-largest cryptocurrency. The company was one of 11 issuers approved to list spot-based bitcoin ETFs in the U.S. in January. Johnson noted that while many people are attracted to bitcoin as an asset outside of the banking system, ETFs offer a familiar and regulated way to gain exposure to the digital asset market.