As a seasoned crypto investor with a knack for spotting promising projects, I find myself drawn to the resilience and growth of Chainlink (LINK). Its strategic positioning as a standard for on-chain finance across multiple blockchains, including Ethereum, Solana, BNB Chain, Avalanche, and others, is a testament to its robustness and versatility.
In recent times, as institutional investors have fueled the widespread acceptance of digital assets and web3 initiatives, the Chainlink (LINK) network has risen to prominence as an essential piece. This seasoned blockchain, dedicated to making multichain smart contracts accessible to all, has established itself as a benchmark in on-chain finance over the last few years.
The increased interest in LINK by large-scale investors is evident from on-chain data. With a market cap of approximately $14.19 billion and a daily trading volume exceeding $2.63 billion, the demand for this altcoin has surged recently. It’s worth noting that LINK’s services are accessible across 18 major blockchains such as Ethereum, Solana, BNB Chain, and Avalanche, among others.
Chainlink and Coinbase Collaborate to Expand in MENA Region
In the process of becoming a significant center for cryptocurrency and web3 innovation within the United Arab Emirates (UAE), Chainlink Labs has established a new regional office, which falls under the jurisdiction of ADGM. This strategic move also serves as an entry point into the MENA region, where the Chainlink standard is expected to be well-received by financial market infrastructures and local financial institutions. These entities are eager to utilize this standard for tokenizing real-world assets.
Chainlink Labs’ growing influence in this region highlights the rising need for blockchain-centric financial services and tokenized assets, making Abu Dhabi, known as the ‘Capital of Capital’, an excellent location to expand the global reach of Chainlink’s standard,” Hamad Sayah Al Mazrouei, CEO of ADGM’s Registration Authority, pointed out.
On Tuesday, it was announced that Project Diamond, a protocol regulated by the ADGM (Abu Dhabi Global Market) and developed by Coinbase Asset Management for international investors excluding those in the U.S., entered into a strategic partnership with Chainlink Standard. This collaboration aims to leverage Chainlink’s technology across the entire lifecycle of managing tokenized assets.
As per the statement, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is set to facilitate Coinbase’s Project Diamond by allowing it to expand across various public and private networks in a safe and compliant fashion.
Moreover, Chainlink Functions provide smart contracts with dependable data sources, enhancing their appeal to institutional investors for effortless adoption.
Marcel Kasumovich, Deputy Chief Investment Officer at Coinbase Asset Management, pointed out that Chainlink is crucial infrastructure, allowing asset issuers, banks, and financial institutions to develop tokenized solutions that are compliant, backed by reliable data, and compatible with any public or private blockchain. By incorporating the Chainlink standard directly into Project Diamond platform, which operates on Coinbase’s technology foundation on Base, we’re making it easier for widespread institutional acceptance of digital assets,” is one possible way to paraphrase the original statement.
Midterm Expectations for LINK Price
Over the past year, Chainlink’s LINK token has experienced a notable surge in bullish energy, driven by increased interest from both individual and large-scale investors. This utility-focused cryptocurrency has climbed over 63% within the last month alone, reaching approximately $22.77 at the current moment.
$link continues to look strong here against usd and btc pair.
I’m putting in a lot of effort to refine the range breakup reconstruction. I believe there will be an increase of at least 50% over the next one or two weeks.
— Bluntz (@Bluntz_Capital) December 11, 2024
Looking at a technical perspective, the value of LINK is poised for an upward surge that could bring it close to its record peak. This prediction stems from the fact that it’s been making higher highs and higher lows on a weekly basis. Furthermore, the LINK/BTC pair appears to have bounced back from a significant low point over several years, which aligns with the ongoing altcoin season.
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2024-12-11 13:42