Chainlink (LINK-USD) is on a tear and the crypto community couldn’t be more excited. The Depository Trust and Clearing Corporation (DTCC) just teamed up with Chainlink and some heavyweight US banks to run a successful pilot aimed at speeding up fund tokenization. Not only is this pushing blockchain tech into the stodgy world of asset management, but it’s also sending Chainlink’s native token, LINK, soaring past $16. 💹
Big Names Join DTCC and Chainlink
The pilot, called Smart NAV, was developed by DTCC to boost its Mutual Fund Profile Service I (MFPS I)—a platform that handles “Price and Rate” data, also known as NAV data. By tapping into Chainlink’s cross-chain interoperability and blockchain abstraction, the pilot looked at how on-chain price and rate data could drive new initiatives, especially in mutual fund tokenization.
To really see what a DLT-based price and rate solution could do, DTCC teamed up with big names like American Century Investments, BNY Mellon (NYSE: BNY), Edward Jones, Franklin Templeton, Invesco, JPMorgan (NYSE: JPM), MFS Investment Management, Mid Atlantic Trust, and State Street (NYSE: STT).
On-Chain Data Delivery for Fund Tokenization
The results? Nothing short of impressive. The pilot showed that structured data could be delivered on-chain, embedding foundational data into various on-chain use cases. This includes supporting brokerage portfolio applications and enabling real-time, automated data dissemination. Smart NAV also aims to provide built-in access to historical data and streamline the relay of price and rate data through new interfaces.
Is Chainlink a Buy?
According to TipRanks’ Summary of Technical Indicators, Chainlink is a Buy.
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