Chainlink (LINK) experienced a significant surge of 30% following the announcement of its partnership with the Trust & Clearing Corporation (DTCC), the largest global securities settlement system. On May 16, DTCC revealed the successful completion of a groundbreaking pilot in collaboration with Chainlink, a blockchain oracle platform. The news resulted in a 30% increase in the price of Chainlink (LINK) within 48 hours, with the cryptocurrency being quoted at $16.71, up from a low of $12.80 on May 15.
As of the time of publication, Chainlink was priced at $16.12, reflecting a 17.1% increase in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of $1,371,096,431. In the past seven days, LINK appreciated by 13.4%.
Did LINK pave its way to price hikes? Santiment, a cryptocurrency analytics platform, noted on May 16 that there are currently 564 whales holding more than 100 LINK tokens, representing an increase of almost 5% in just five weeks. “Chainlink’s market cap has surged by 14% in the last eight hours, breaking away from the altcoin pack. There are now 564 whales with over 100k $LINK, a 4.6% rise in just five weeks. If social dominance stabilizes and FOMO (fear of missing out) doesn’t take over, bullish conditions are on the horizon,” they stated.
DTCC and Chainlink have taken the lead in innovating fund tokenization with the support of major financial giants. On May 16, DTCC announced the completion of a pilot project in partnership with Chainlink. This pioneering initiative, known as Smart NAV, involved the participation of prominent financial institutions such as JPMorgan, Franklin Templeton, and BNY Mellon, with the aim of promoting the tokenization of funds.
The Smart NAV pilot sought to establish a standardized method for integrating and distributing net asset value (NAV) data of funds across various blockchains, whether public or private. Chainlink’s CCIP interoperability protocol was utilized for this purpose. The list of participants was impressive, encompassing entities like American Century Investments, US Bank, MFS Investment Management, and State Street.
The completion of the pilot provided valuable insights. According to DTCC, “by making structured data available on-chain and establishing standard processes and functions, it has been possible to incorporate essential information into a diverse range of blockchain applications.” This includes tokenized funds and smart contracts tailored for mass adoption, which can integrate data from multiple funds into a single contract.
Disclaimer: The views and opinions expressed by the author or any individuals mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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