Chainlink announced a partnership with DTCC to facilitate the tokenization of traditional financial funds. Meanwhile, the altcoin price rose to $20 amid a strong increase in whale activity. In the last five weeks, 564 more whales have become holders of over 100,000 LINK.
Chainlink has partnered with DTCC!
In a major announcement, blockchain oracle Chainlink has teamed up with the Depository Trust and Clearing Corporation (DTCC), the world’s largest settlement system. These two players will work with several top financial banks in the US. Under this partnership, they aim to increase the tokenization of traditional financial funds.
DTCC reported that it is running the Smart NAV Pilot program with the aim of standardizing the way funds provide NAV data across different Blockchain platforms by leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP). In this context, DTCC noted the following:
The pilot program revealed that by delivering structured data on-chain and establishing standard roles and processes, underlying data can be deployed in a multitude of on-chain use cases, such as tokenized funds and ‘bulk consumer’ smart contracts, which are contracts that hold data for multiple funds.
Enthusiasm for tokenization is growing
The pilot program will stimulate future industry research. It will also provide brokerage services, automated data distribution and better access to historical data for funds. In this context, it unlocks capabilities to facilitate numerous downstream applications. Leading US banking firms participating in the pilot include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street and US Bank.
There is growing enthusiasm for tokenizing real-world assets among large traditional financial institutions. BlackRock introduced a tokenized money market fund called BUIDL on the Ethereum network on March 19. In this way, BlackRock aims to provide local US dollar returns to its customers.
Strong whale activity boosts altcoin price
Oracle service provider Chainlink (LINK) rose strongly following news of its partnership with DTCC. The altcoin price has increased by a staggering 15% in the last 24 hours. LINK is currently trading at $16.09 with a market cap of $9.44 billion. Additionally, LINK’s daily trading volume increased by a significant 200%, exceeding $1 billion. On-chain data provider Santiment noted that the recent Chainlink price rally occurred against the backdrop of strong LINK whale activity. This set LINK apart from the broader cryptocurrency market.
Meanwhile, the number of LINK whales (addresses holding 100,000 LINK or more) increased to 564. Thus, in just five weeks, the number of whales increased by 4.6%. Santiment states that if social dominance remains stable and FOMO (Fear of Missing Out) does not dominate, bullish conditions for LINK are on the horizon.
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