Franklin Templeton CEO: Wall Street's Blockchain Fear Stems From Threat to Profit Models

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According to CoinDesk, Franklin Templeton CEO Jenny Johnson said on June 3 at the Proof of Talk summit in Paris that Wall Street's fear of blockchain originates from threats to existing profit models. Johnson explained that if blockchain enables instant settlement through smart contracts, large banks would lose the ability to charge transaction fees as third-party intermediaries. She cited the company's Benji tokenized money market fund on Stellar blockchain as an example, noting that costs dropped to approximately $1.13 per transaction from $1.30 under legacy systems.
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