Franklin Templeton to Use Stellar For New Fund

Fund won't invest in crypto but “the ownership of the Fund’s shares may be maintained and recorded solely on the Stellar network"
04 September 2019   1235

Franklin Templeton, a large investment company that manages $ 700 billion worth of assets, intends to launch a fund for short-term investments, whose shares will be tokenized on the Stellar blockchain. The corresponding provisional application is published on the website of the US Securities and Exchange Commission (SEC).

According to the document, the fund will invest at least 99.5% of the assets under its management in government securities, cash and repurchase agreements fully secured by government securities or cash.

The document also states “the ownership of the Fund’s shares may be maintained and recorded solely on the Stellar network." Franklin Templeton expects that the use of the blockchain will increase transparency and reduce settlement time, however, the initiative remains in test mode and can be liquidated at any time by the decision of the company.

As part of the creation of the fund, a mobile application will be developed that will allow investors to purchase and redeem tokenized shares directly from the company, as well as track the balance in the Stellar blockchain.

It is noted that after registration in the application, an individual wallet will be created for each investor.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   594

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.