The chief executive of financial services giant Franklin Templeton says round-the-clock blockchains will completely overhaul how financial markets operate.
In a new interview with Bloomberg Television, Franklin Templeton CEO Jenny Johnson says that one specific characteristic of the traditional finance (TradFi) system – the closing of the stock market at a specific time every day – will soon be a thing of the past.
[adinserter block="1"]“We have a partnership with Standard Chartered Bank and [the crypto exchange] OKX where you’re actually going to be able to exchange stablecoins and park them into a yield-bearing account and then you can move them back – and that’ll be 24/7. I mean, that’s the goal – 24/7, 365 days a week.
I mean, why is it that you can’t trade stocks on the New York Stock Exchange after 4:00 in the afternoon? It’s because in the old days, that was a batch processing system and you had to reconcile at the end of the day. Blockchain is going to completely make that irrelevant.
You’re going to be able to settle atomic settlement immediately, and that’s going to just change the types of products that people are going to be able to bring to market. And so, Franklin Templeton, we’ve already built this whole ecosystem around a shareholder recordkeeping system for that kind of atomic settlement.”
Johnson goes on to note that the lines between traditional and digital finance will soon start to blur as blockchains integrate with TradFi.
“I think what President Trump has done with his support is to recognize [that] this technology is going to be hugely powerful and beneficial to the financial services industry because it will drive down costs. It has more transparency in many ways. It’s arguably more secure.
And so what’s going to happen is you’re going to start to see much more of a convergence of traditional finance with the digital asset space. And I think that’s a really good thing.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
