In what is a massive development for Solana, both Franklin Templeton and Citi announce plans to adopt the network. Specifically, both companies have unveiled plans to utilize the blockchain for the launch of various financial services. The plans reinforce the popularity of the network.
Solana has long been revered for its speed and cost-effectiveness. Those factors have driven its continued competitiveness with networks like Ethereum, which is well known for its transaction costs and slow speed. Subsequently, there could be a slue of companies looking to develop on what Solana has to offer.
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Franklin Templeton, Citigroup Announce Financial Services Coming to Solana
2024 has proven to be a massive year for traditional finance firms to enter the crypto market. The approval of Bitcoin and Ethereum ETFs earlier this year was a key part of that. With asset managers like BlackRock and Fidelity entering the market, there is no shortage of similar developments taking place throughout finance.
Now, two more companies are set to propel the value of one network specifically. Indeed, Solana is set to be the network adopted by both Franklin Templeton and Citi. Both of the firms announce intentions to launch financial services on the blockchain.
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Franklin Templeton, a $1.4 trillion asset manager, has announced a mutual fund coming to Solana. Unveiled at the Solana Breakpoint 2024 event, the development is key to the firm’s continued venture into cryptocurrencies. Moreover, the partnership development lead for the firm, Mike Reed, noted that blockchain is “essential for driving operation efficiency,” and reducing cost.
Additionally, he said Solana “offers the transactional capacity we need to handle the volume of ledger entries for a mutual fund, making it the right choice for these initiatives.” Citigroup is exploring both smart contracts and cross-border payments on the platform. The presence of both firms should be massive for the value of SOL. The crypto is looking to get back on track with a strong October.