- Chainlink (LINK) completes the successful testing of Smart NAV with DTCC.
- This involves the participation of 10 of the world’s largest financial institutes.
- Tokenization of funds is gaining momentum and propelling the price of LINK.
Chainlink (LINK) continues to tokenize the world. The blockchain just completed the successful testing of Smart NAV conducted by DTCC. This step involves tokenization of funds held by top US banking giants, and marks a bullish leap loading for LINK price.
In detail, the US banking giants include, American Trust Custody, MFS, US Bank, Edward Jones, JP Morgan, Franklin Templeton, Invesco, BNY Mellon, State Street and American Century Investments.
Smart NAV is a digital extension to DTCC’s Mutual Fund Profile Service (BFPS I). This is the industry standard for disseminating price and rate data. Thus, leveraging DLT for data dissemination and data consumption.
The goal of the Smart NAV is to evaluate the feasibility and industry value of delivering a DLT-based price and rate dissemination solution that can enable new benefits and support experimentation in the asset management space.
With 10 industry participants working with Chainlink (LINK) for this test, this makes it no ordinary trial. In fact, this marks a huge leap for the crypto space and especially Chainlink as a capable blockchain which could propel the price of its native asset LINK.
Chainlink happily shares the results of the test run of the new Smart NAV industry pilot found by DTCC and 10 of the world’s largest financial institutions on delivering key mutual fund data on chain. It goes on to explore the significance for fund tokenization.
The project explores how processing over $2 quadrillion annually can be challenging. This is where the pilot comes in handy. It showcases how DTCC and Chainlink can make net asset value (NAV) data available across virtually and private or public blockchain.
This allows the automated data dissemination and historical data access that unlocks a multitude of use cases around fund tokenization. It also highlights how Chainlink CCIP serves as an open blockchain interoperability standard by providing a secure abstraction layer between DTCC and blockchain to prevent future fragmentation.
Read Also
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
