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


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.

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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.


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.

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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.


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.

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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

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