Chainlink

The world’s largest settlement system, the Depository Trust and Clearing Corporation (DTCC), and blockchain oracle Chainlink have concluded a pilot program with several major U.S. banks, including JPMorgan and BNY Mellon, aimed at increasing the tokenization of traditional finance funds.<h2 id="header-0">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/Chika-Moji-Airdrop.png?fit&#61;1920%2C1080&amp;ssl&#61;1" />The Smart NAV Pilot program tested a method of bringing traditional finance fund data onto blockchains. It aimed to standardize the provision of net asset value (NAV) data of funds across blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), according to a May 16 DTCC <a href="https://www.dtcc.com/dtcc-connection/articles/2024/may/16/smart-nav-pilot-report-bringing-trusted-data-to-the-blockchain-ecosystem" rel="noopener noreferrer nofollow">report</a>.<h3 id="dtcc-and-chainlink-pilot-reveals-benefits-of-on-chain-fund-data">DTCC and Chainlink Pilot Reveals Benefits of On-Chain Fund Data</h3><blockquote>The pilot found that by delivering structured data on-chain and creating standard roles and processes, foundational data could be embedded into a multitude of on-chain use cases, such as tokenized funds and “bulk consumer” smart contracts. These contracts hold data for multiple funds, enabling more efficient and versatile financial operations.</blockquote>These capabilities could support future <a href="https://cryptosheadlines.com/blockchain-use-cases-by-industry/" rel="noopener noreferrer nofollow">industry exploration and power numerous downstream use cases</a> like brokerage applications, more automated data dissemination, and easier access to historical data for funds. This would streamline various financial processes and improve overall efficiency.The pilot also helped establish better-automated <a href="https://cryptosheadlines.com/pyth-networks-live-market-data-on-hedera-boost-for-hbar/" rel="noopener noreferrer nofollow">data management with limited impact on existing market</a> practices for traditional financial institutions. It enabled clients to retrieve historical data without manual record keeping and provided broader API solutions for price data, according to the <a href="https://www.dtcc.com/dtcc-connection/articles/2024/may/16/smart-nav-pilot-report-bringing-trusted-data-to-the-blockchain-ecosystem" rel="noopener noreferrer nofollow">DTCC report</a>.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/cryptosheadlines2-15.png?resize&#61;640%2C297&amp;ssl&#61;1" />Key NAV pilot takeaways. Source: DTCC<h2 id="header-1">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/Chika-Moji-Airdrop-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" />The U.S. banking firms that participated in the pilot include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S. Bank.<a href="https://cryptosheadlines.com/worldcoin-unveils-enhanced-biometric-data-security-system/" rel="noopener noreferrer nofollow">Also Read: Worldcoin Unveils Enhanced Biometric Data Security System</a><h3 id="chainlink-s-link-token-surges-following-dtcc-report">Chainlink’s LINK Token Surges Following DTCC Report</h3>Chainlink’s <a href="https://cryptosheadlines.com/ongoing-sec-negotiation-fuels-binances-native-token-bnb-surging-5-44/" rel="noopener noreferrer nofollow">native token</a>, LINK, rose 12.5% to $15.90 following the release of the DTCC’s report, according to CoinGecko. LINK has gained over 130% in the past 12 months amid a broader uptick in the crypto market.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/cryptosheadlines3-15.png?resize&#61;640%2C467&amp;ssl&#61;1" />The price of LINK spiked 12.5% following the DTCC report. Source: CoinGeckoThe DTCC report highlights growing enthusiasm for real-world asset tokenization from major traditional financial institutions. This trend is reflected in recent initiatives like the one from BlackRock.On March 19, BlackRock launched a tokenized money market fund (MMF) dubbed BUIDL on the Ethereum network, offering native U.S. dollar yields. The fund allows investors to purchase tokens representing shares in the fund, which invests in assets like U.S. Treasury bills. Known as the “digital liquidity fund,” it is digitized on the <a href="https://cryptosheadlines.com/trons-trx-token-launched-on-ethereum-blockchain-price-surge-12/" rel="noopener noreferrer nofollow">Ethereum blockchain and operates as an ERC-20 token</a> called BUIDL.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Chainlink’s LINK Token Jumps After DTCC Report

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