Franklin

Strong

Notable

Chainlink

FOMO

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlink-experiences-strong-surge-after-partnership-announcement/" data-wpel-link="internal">Chainlink Experiences Strong Surge After Partnership Announcement</a><br></p>
<p class="p1" style="text-align: justify">The blockchain network Chainlink (LINK) experienced a strong surge following the partnership announcement with DTCC. Chainlink’s price increased by a surprising 15% in the last 24 hours and is currently trading at $16.09 with a market cap of $9.44 billion. Additionally, LINK’s daily trading volume saw a significant 200% increase, surpassing $1 billion.</p> 
<h2 class="p1" style="text-align: justify" id="why-is-chainlink-rising">Why is Chainlink Rising?</h2> 
<p class="p1" style="text-align: justify">The blockchain <a href="https://newslinker.co/" data-wpel-link="exclude">data analysis</a> platform Santiment reported that the recent rise in Chainlink prices occurred amid strong LINK whale activity, distinguishing it from the broader <a href="https://en.coin-turk.com/crypto-markets-face-key-developments-this-week/" data-wpel-link="internal">cryptocurrency market</a>. The number of Chainlink whales holding 100,000 LINK or more increased by 4.6% in just five weeks, reaching 564. Santiment notes that if social dominance remains stable and FOMO does not prevail, bullish conditions for Chainlink could be on the horizon.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-352439 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/link-1-scaled.jpg" alt="" width="2560" height="1762"></p> 
<p class="p1" style="text-align: justify">In a major announcement, the Layer-1 network Chainlink secured a partnership with the world’s largest payment system, Depository Trust and Clearing Corporation (DTCC). These two players will work with several top-tier financial banks in the U.S. to enhance the tokenization of traditional financial funds.</p> 
<h2 class="p1" style="text-align: justify" id="notable-details-about-the-partnership">Notable Details About the Partnership</h2> 
<p class="p1" style="text-align: justify">On May 16, DTCC announced that it is running the Smart NAV Pilot program to standardize the method of providing NAV data for funds across different blockchain platforms by leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP). DTCC shared the following statement:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“The pilot process found that by providing structured data on-chain and establishing standard roles and processes, core data can be placed into numerous on-chain use cases such as tokenized funds and mass consumer smart contracts.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">The pilot program revealed capabilities that could advance future industry research and facilitate numerous sub-applications such as brokerage services, automated data distribution, and better access to historical data for funds. Leading U.S. <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">banking</a> firms participating in the pilot include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and US Bank.</p> 
<p class="p1" style="text-align: justify">There is growing interest among major traditional financial institutions in the tokenization of real-world assets. On March 19, BlackRock launched a tokenized money market fund called BUIDL on the Ethereum network, successfully providing U.S. dollar returns.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/chainlink-experiences-strong-surge-after-partnership-announcement/" data-wpel-link="internal">Chainlink Experiences Strong Surge After Partnership Announcement</a></h5>

Chainlink Experiences Strong Surge After Partnership Announcement

Table of Contents

COINTURK NEWS

Other articles published on May 17, 2024

Decoding HBAR: Can Support at 375M OI Signal a Trend Reversal?

JPMorgan, Morgan Stanley And UBS Among More Than 600 Firms Invested In Spot Bitcoin ETFs, Filings...

Ethereum founder Vitalik Buterin impressed by OpenAI's GPT 4

NotWifGary Meme Coin Will Stand Against Gary Gensler And The SEC

What is Convex Finance Coin?

Controversial SEC Crypto Asset Accounting Rule Strongly Opposed By US Senate

Join our free newsletter for daily crypto updates!