Franklin Templeton CEO Jenny Johnson: Wall Street's Fear of Blockchain Stems from Its Threat to Existing Profit Models

Odaily reported that Jenny Johnson, CEO of Franklin Templeton, stated at the Proof of Talk summit in Paris that Wall Street's fear of blockchain stems from its threat to existing profit models. She indicated that this technology threatens a large number of existing business models in traditional finance, and any hesitation arises because these business models are under threat. Jenny Johnson noted that if blockchain can enable instant settlement through smart contracts, large banks will no longer be able to charge transaction fees as third-party intermediaries. Citing the company's tokenized money market fund, Benji, which operates on the Stellar blockchain, she stated that processing 50,000 transactions on the old system costs approximately $1.30 per transaction, whereas on Stellar, the cost is about $1.13 per transaction.