Jenny Johnson: Blockchain threatens traditional financial business models

Franklin Templeton CEO Jenny Johnson stated that blockchain and cryptocurrencies pose a threat to the high-fee business model of traditional finance, which relies on intermediary transactions. She mentioned the company's Stellar-based tokenized money market fund Benji, noting its transaction costs are much lower than traditional systems and that it is driving traditional institutions to shift on-chain. While she acknowledges Bitcoin's self-custody and privacy features, she believes most investors will still opt for regulated custodial services and low-cost compliance frameworks.