As a seasoned crypto investor with a keen interest in keeping up-to-date with the latest developments in the decentralized finance (DeFi) space, I can’t help but be thrilled by the recent announcement of Chainlink (LINK) partnering with the Depository Trust and Clearing Corporation (DTCC). The potential implications of this collaboration are massive, and it’s not hard to see why LINK surged by nearly 19% in the past 24 hours.
As an analyst, I can tell you that I experienced a significant surge in Chainlink’s (LINK) value during the last 24 hours, reaching nearly a 19% increase. This uptick in price occurred soon after the public announcement of Chainlink’s partnership with the Depository Trust and Clearing Corporation (DTCC), a prominent financial market infrastructure organization based in the United States.
Based on CoinMarketCap’s figures, as of 4:49 a.m. ET on a Friday morning, the value of LINK, the cryptocurrency with the fifteenth largest market cap, has risen by nearly 20% or $0.031. Its trading volume surged by over 200%, and its current market capitalization is around $9.72 billion.
The price of LINK surged dramatically from $13.57 to an impressive $16.58, outpacing the performance of all other cryptocurrencies with lower rankings, such as Bitcoin (BTC), Ether (ETH), Solana (SOL), Toncoin (TON), Dogecoin (DOGE), and Shiba Inu (SHIB).
The significant increase in the value of LINK can be explained by the recent announcement of a collaboration between DTCC and the decentralized Oracle network.
Chainlink and DTCC Partnership
According to a report by DTCC, Chainlink and the world’s largest financial settlement system successfully piloted a program. This collaboration involved major US banks and focused on enhancing the tokenization of traditional finance funds.
The Smart NAV Pilot project, also referred to as the Smart NAV Initiative, was launched with the goal of harmonizing net asset value (NAV) information dispersed among different blockchain systems. This endeavor incorporates Chainlink’s Cross-Chain Interoperability Protocol (CCIP) in its implementation.
Through the pilot program, it was uncovered that providing well-organized data on-chain and setting up uniform roles and procedures enables foundational data to be incorporated into a diverse range of on-chain solutions. According to the report, such applications encompass tokenized investment vehicles and mass consumer smart contracts, which handle data for numerous funds.
“This feature has the potential to advance industrial investigations and generates various downstream applications, including brokerage portfolio systems. It offers advantages like real-time data distribution and automation, as well as direct access to previous data records.”
The DTCC noted that these functionalities could pave the way for various downstream uses, including brokerage solutions, automated data distribution, and enhanced access to historical data for investment firms.
On social media platform X, there was a palpable sense of excitement within the crypto community as “DeFiMinty” announced the launch of Smart NAV’s pilot program. This development could potentially bring significant opportunities for Chainlink, according to the user with over 50,000 followers. Looking ahead, they projected that major industries might adopt tokenization of real-world assets. Moreover, cross-chain protocols such as CCIP could play a pivotal role in facilitating chain abstraction.
In a comprehensive report, the DTCC extended an invitation for asset managers, service providers, and distributors to join a sequence of interactive sessions. The purpose of these workshops was twofold: to familiarize ourselves with the pilot project, and to assess the potential advantages together.
Significant players in the pilot program were American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust (doing business as American Trust Custody), State Street, and US Bank.
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2024-05-17 12:57