DTCC Collaborates with Chainlink and Large Banks for Fund Tokenization, LINK Skyrockets

Bittime - With more and more technological advances made by the financial industry, the asset tokenization process is getting faster. In the Smart NAV trial, Major Asset Managers, DTCC, and Chainlink collaborated to study the use of blockchain to measure the market value of mutual funds. Meanwhile, the LINK token price increased following the partnership announcement.

In an era of ever-evolving technology, the financial industry increasingly relies on technological innovation to increase efficiency and ease of access to speed up the asset tokenization process.

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Major Asset Manager and DTCC Collaborate with Chainlink

The Smart NAV pilot was created by DTCC to demonstrate the development of Mutual Fund Profile Services I (MFPS I), the industry standard platform. Using Chainlink's blockchain abstraction capabilities and cross-chain interoperability, the trial aims to see how on-chain price and rate data can serve as a key driver.

Especially in the field of mutual fund tokenization. The asset manager and DTCC are joining forces with Chainlink to collaborate to evaluate the market value of price and rate spread solutions built with DLT.

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Data Delivery for Fund Tokenization Via On-Chain Network

Several important things have been achieved, according to the results of this trial. Among these are the use of Chainlink Cross-Chain Interoperability Protocol (CCIP), the creation of smart contracts to automate data routing for dynamic data management, and the validation of applications and user interfaces that use on-chain data.

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LINK Soaring Thanks to Bullishness

Since the initial announcement on Thursday, the LINK token price has skyrocketed thanks to a bull run of 6.8%. The price rose above $14.88 when the press release was made.The number of token trades has increased by 17% in the past few hours, reaching $400 million, according to CoinGecko data.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.