Franklin Templeton to Track Money Fund Shares on Stellar Blockchain | Crypto Craft

  • Franklin Templeton to Track Money Fund Shares on Stellar Blockchain

    From coindesk.com

    A multi-billion-dollar asset management company plans to use the Stellar blockchain for a new fund. Franklin Templeton Investments filed a preliminary prospectus with the U.S. Securities and Exchange Commission Tuesday for a money market fund whose shares would be recorded on the Stellar Network. The plan requires the SEC’s approval. To be clear: the fund would not invest in any cryptocurrencies or crypto projects. Rather, “the ownership of the Fund’s shares may be maintained and recorded solely on the Stellar network,” the prospectus says. According to the prospectus, the money fund would seek a $1 per share ... (full story)

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cryptocow
Sep 3, 2019 8:21pm
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Franklin Templeton still has to pay Stellar transaction fees to record to the Stellar ledger, however.

From the SEC preliminary prospectus:

Quote
Users of the Stellar network must pay transaction fees (in the form of “Stellar Lumens,” the native digital asset for the operation of Stellar) to the Stellar network in order to validate a transaction. Such transaction fees are intended to protect the Stellar ledger from frivolous or malicious computational tasks. These transaction fees will be the responsibility of the investment manager or its affiliates or a third party.
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