Fidelity and Sygnum Partner with Chainlink for Real-Time NAV Data Integration

July 3, 2024 at 02:05 PM GST 2 mins read News

Fidelity and Sygnum collaborate with Chainlink to integrate real-time Net Asset Value (NAV) data onto blockchain platforms.
This initiative targets Fidelity’s $6.9 billion Institutional Liquidity Fund, enhancing transparency and operational efficiency.
Sygnum will extend NAV data accessibility to its clients, leveraging blockchain’s security and decentralized capabilities for immediate financial insights.

A significant step forward in financial transparency and operational efficiency has been made with the announcement by Fidelity International and Sygnum of a cooperation with Chainlink to integrate Net Asset Value (NAV) data onto blockchain systems.

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This collaboration aims to enable real-time NAV updates for Fidelity’s $6.9 billion Institutional Liquidity Fund. NAV is an important ratio that gets the value of a fund by subtracting liabilities from assets and dividing the amount by the total number of shares that are outstanding.

We’re excited to announce that Fidelity International and Sygnum have partnered with #Chainlink to provide NAV data onchain for Fidelity International’s $6.9B money market fund.

This is a landmark production use case for tokenized assets 🧵https://t.co/dfQ3Shgx6f pic.twitter.com/o0sT4JOQNj
— Chainlink (@chainlink) July 3, 2024

Historically, daily NAV updates have limited institutional investors’ access to instantaneous financial data. Fidelity and Sygnum plan to purchase Chainlink’s safe and oracles to enable access to NAV data on blockchain networks.

This advancement in technology holds the potential to optimize investment decision-making procedures by providing investors with up-to-date financial data.

Sygnum, renowned for its approach to digital assets and blockchain technology, will extend these capabilities to its clients enhancing transparency and reducing dependency on manual reporting procedures. The integration not only supports data integrity but also eliminates errors associated with traditional financial reporting methods.

Blockchain Revolutionizes Fund Management

The banking industry is encouraging blockchain technology to help data integrity and streamline operations, as shown by this partnership. It is a major step toward being free to access financial information by providing investors with the tools they need to make informed decisions in today’s markets.

Sygnum, and Chainlink’s integration of NAV data onchain emphasizes this transformative potential, setting for future innovations at the intersection of finance and technology. With blockchain technology, financial transparency and efficiency have advanced to a new level thanks to the collaboration of Fidelity, Sygnum, and Chainlink.