Altcoin
Chainlink Rises 14%, Decouples From Altcoins After Tokenization Pilot Project With DTCC
Chainlink’s Smart NAV pilot program with the DTCC saw participation from banking giants such as BNY Mellon, State Street, and JPMorgan.
DTCC said its Smart NAV pilot with Chainlink could be integrated into a multitude of on-chain use cases.
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Posted May 17, 2024 at 1:25am EST.
Blockchain oracle Chainlink’s native LINK token is up 14% in the past 24 hours, decoupling from the broader altcoin market that has seen mostly negative price action across the board.
Second data from crypto market intelligence platform Santiment, Chainlink whale wallets have seen a 4.6% increase over the past five weeks, while LINK has seen growing social dominance.
The price momentum comes after Chainlink shared the results of the Smart NAV industry pilot project with the Depository Trust and Clearing Corporation (DTCC), the world’s largest settlement and infrastructure company processing $2 trillion annually.
The Smart NAV pilot explored an industry standard for transmitting pricing and fee data as a solution that could support experimentation in the wealth management space. The primary use case has been in the area of fund tokenization, which a number of large institutional investors, including BlackRock, have delved into in recent times.
The pilot project saw the participation of companies such as American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan and US Bank. Chainlink’s Cross Chain Interoperability Protocol (CCIP) has served as a blockchain interoperability standard to address the issue of market fragmentation by providing a secure abstraction layer between the DTCC and blockchains.
“Based on these findings, we see an opportunity to potentially expand the scope of the pilot to explore how the technical capability leveraged in the pilot could power a broader range of use cases beyond the dissemination of pricing and tariff data and through a greater number of blockchains”, She said the DTCC in a press release.