News

The Strategy of Conventional Financial Institutions to Adopt Blockchain Technology in 2024

single-image

Key Points

  • Blockchain technology is being used by traditional financial institutions in preparation for a financial system overhaul in 2024.
  • Leading fund manager Franklin Templeton introduced FOBXX, a mutual fund on the Polygon blockchain.
  • A lot of trade finance companies, like JPMorgan, are expanding their blockchain-based infrastructure.

By 2024, traditional finance (TradFi) institutions hope to have accelerated blockchain adoption, which will lead to a financial system reboot.

Stay in the know on crypto by frequently visiting Crypto News Today

TradFi institutions have just begun to realize distributed ledger technology and blockchain’s possibilities. Without a doubt, this technology makes transactions faster and more affordable, which is why financial institutions are looking for methods to harness its potential.

Advertisement

Traditional Finance Entities Transform the Financial Market Using Blockchain Technology

Sandy Kaul, Franklin Templeton’s head of industry advisory services and digital assets, told Bloomberg:

“Adoption of the technology is actually accelerating very quickly. For the first time, you can really now see the pathway to us re-engineering the global financial markets ecosystem.”

With more than $1.5 trillion in assets under management (AUM), Franklin Templeton ranks among the biggest fund managers in the world.

CryptoCaster Quick Check:

This year, it introduced the Franklin OnChain U.S. Government Money Fund (FOBXX), a mutual fund on the Polygon blockchain. The FOBXX has total net assets of $329.38 million as of November 30, 2023.

Not to add, in September 2023 Franklin Templeton filed with the US Securities and Exchange Commission (SEC) to open a spot Bitcoin exchange-traded fund (ETF). The SEC is anticipated to reply to the Franklin Templeton ETF file somewhere between January 5 and January 10, 2024, according to statistics from several sources. The last day to submit is March 31, 2024, though.

Advertisement

Many TradFi institutions, including Franklin Templeton, intend to upgrade their infrastructure to incorporate blockchain technology. Notably, JPMorgan, one of the biggest banks in the world, has been enhancing payment transfers with blockchain technology.

Learn more about blockchains.

JPM Coin facilitates faster US dollar transfers between bank clients and is available around-the-clock. Some of the 2023 initiatives implemented by prominent TradFi organizations are displayed in the screenshot below.

List of TradFi Institutions With Blockchain Plans. Source: Bloomberg

CryptoCaster™ remains committed to keeping our worldwide audience informed about blockchain technology adoptions and the latest challenges posed by government-directed fiat financial systems, banking groups, and other institutional giants. CRYPTOCASTER® - DECENTRALIZED FREEDOM! 


We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like