- Franklin Templeton took a US $380 million government fund and tokenized it on Polygon.
- Polygon NFTs have seen a dramatic drop in interest.
Polygon [MATIC] The price has been moving upwards in recent weeks. The improved sentiment towards Polygon due to Franklin Templeton’s actions can also sustain this rally.
Interests of Institutions
Franklin Templeton launched an initiative to tokenize a $380,000,000 treasuries funds on the Polygon blockchain and Stellar. Direct peer-to-peer payments are now possible without any intermediaries.
Franklin OnChain United States Government Money Fund’s BENJI tokens are available as shares. The tokens are tradable via the public Polygon or Stellar blockchains and provide investors with new levels of flexibility when managing assets.
This new approach is designed to simplify transactions, increase access and empower investors to better manage their assets.
The investment giant is now directly competing with BlackRock in its tokenization effort.
BlackRock has recently launched its BUIDL Fund on Ethereum, in collaboration with Securitize. This demonstrates a similar dedication to innovate traditional financial structures using blockchain solutions.
Polygon’s growth potential is validated by the fact that a large investment firm chose Polygon as a tokenization platform.
This endorsement will improve Polygon’s reputation and credibility in the traditional financial world. It may also attract more institutional interest, which could lead to Polygon building more tokenized assets.
The easy trading of BENJI on the Polygon Blockchain can also improve the liquidity of the Treasury Fund.
Polygon offers faster, cheaper and more convenient transactions compared with traditional methods. This will attract investors who are looking for government securities. financial systems.
The NFT Sector
Polygon was not a perfect ecosystem. Over the last couple of days, trading volumes in the NFT industry have seen a significant decline. The network fee, which is a major revenue source for Polygon Validators, could decrease.
In addition, a lower trading volume could lead to reduced liquidity of existing NFT Projects on Polygon. It may be more difficult for users to sell or buy their NFTs at fair prices and in a timely manner.
You can read more about it here Polygon’s [MATIC] Price Prediction 2024-2025
MATIC traded at $0.7183, and the price of its shares had increased by 2.43 percent in the previous 24 hours. During this time, the volume of trading had decreased by 16.34%.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com