Chainlink recently announced its collaboration with Fidelity International and Sygnum to supply Net Asset Value (NAV) data for the chain, marking a significant advancement for the financial and cryptocurrency industries.
In a groundbreaking move, Fidelity International and Sygnum have teamed up with Chainlink to offer onchain NAV data for Fidelity International’s $6.9 billion money market fund. This collaboration aims to provide transparency and accessibility around crucial asset data for Sygnum’s onchain representation of Fidelity International’s fund, which has been tokenized to the tune of $50 million. These reserves are held in Fidelity International’s money market fund and were issued in ZKsync, a member of the Chainlink SCALE program.
This development represents a major milestone for tokenized assets and signifies a growing demand for blockchain-native companies to access their assets and NAV data onchain from fund managers like Fidelity International.
Fatmire Bekiri, Head of Tokenization at Sygnum, emphasized the importance of setting standards in bridging the gap between traditional finance and the blockchain industry, underscoring the need for collaboration between blockchain companies, regulated financial institutions, and asset managers.
Sergey Nazarov, co-founder of Chainlink, highlighted the significance of the tokenization of funds as a major trend in the digital asset space, noting that it signals the entry of global asset management companies into this expanding market. He stressed the broader reach and efficiency benefits of tokenized funds compared to traditional methods, anticipating that they will eventually become the industry standard for asset management.
At the time of publication, Chainlink’s price was $14.22, reflecting a 2.5% decrease in the last 24 hours.
Please note that the views and opinions expressed in this article are for informational purposes only and should not be construed as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.