Bank

Value

Gold

Chainlink

<ul> 
 <li><strong>Chainlink partners with Fidelity and Sygnum to bring NAV data onchain for enhanced transparency.</strong></li> 
 <li><strong>Chainlink’s technology supports secure, real-time NAV data propagation across any blockchain.</strong></li> 
</ul>  
<p>Today, Sygnum Bank <a href="https://www.sygnum.com/news/sygnum-and-fidelity-international-partner-with-chainlink-to-provide-fund-nav-data-onchain/">announced</a> a partnership with Fidelity International and Chainlink to bring Net Asset Value (NAV) data onchain. This landmark project seeks to improve openness and accessibility for Sygnum’s recent on-chain representation of the $6.9 billion Institutional Liquidity Fund from Fidelity International.</p> 
<p>Tokenizing $50 million of Matter Labs corporate treasury reserves, Sygnum is a worldwide digital asset banking firm. As part of the <a href="https://www.crypto-news-flash.com/chainlink-ccip-integrates-with-drift-labs-for-token-accessibility/">Chainlink</a> SCALE program, these reserves are issued on the ZKsync blockchain using Fidelity International’s money market fund.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4e3.png" alt="📣" class="wp-smiley" style="height: 1em; max-height: 1em;"> News: Sygnum and Fidelity International Partner With <a href="https://twitter.com/chainlink?ref_src=twsrc%5Etfw">@chainlink</a> To Provide Fund NAV Data Onchain <a href="https://t.co/Q5HGMQluj9">https://t.co/Q5HGMQluj9</a></p> 
 <p>Today at <a href="https://twitter.com/pointzeroforum?ref_src=twsrc%5Etfw">@pointzeroforum</a>, <a href="https://twitter.com/chainlink?ref_src=twsrc%5Etfw">@chainlink</a> announces a collaboration with Fidelity International and Sygnum to bring Net Asset Value (NAV) data onchain.</p> 
 <p>In this…</p> 
 <p>— Sygnum Bank (@sygnumofficial) <a href="https://twitter.com/sygnumofficial/status/1808382613498814822?ref_src=twsrc%5Etfw">July 3, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 id="strong-enhancing-transparency-with-onchain-nav-data-strong"><strong>Enhancing Transparency with Onchain NAV Data</strong></h2> 
<p>A basic building block for the conventional fund sector is NAV data. Thanks to <a href="https://www.crypto-news-flash.com/chainswap-landschainlinks-cross-chain-interoperability-protocol/">Chainlink’s</a> technology, automated and safe reporting and synchronizing of NAV data onchain are possible. For Sygnum, its customers, and the wider market players, this integration provides real-time transparency and built-in access to previous data.</p> 
<p>Chainlink’s chain-agnostic architecture also lets NAV data safely spread over any blockchain or current offchain solution. This capability drives programmable assets that remain current across any environment by supporting dynamic synchronization and cross-chain interoperability.</p> 
<p>Head of Tokenization at Sygnum, Fatmire Bekiri, emphasized the need for establishing criteria to promote ecosystem involvement and cooperation among asset managers, controlled financial institutions, and blockchain firms. Bekiri stated:</p> 
<blockquote>
 <p>“This is an important milestone, and it’s exciting to see the great work that’s been done with Fidelity International, Chainlink, and Matter Labs come to fruition… We look forward to keep building an onchain ecosystem in a regulated and compliant way.”</p>
</blockquote> 
<h3 id="strong-meeting-the-growing-demand-for-onchain-data-strong"><strong>Meeting the Growing Demand for Onchain Data</strong></h3> 
<p>The development coincides with a growing demand for blockchain-native businesses to have fund managers like Fidelity International provide their assets and NAV data on blockchain.</p> 
<p>Whether on public or private blockchains, <a href="https://www.crypto-news-flash.com/chainlink-boosts-farmsents-trade-finance-platform-with-tokenized-asset-support/">Chainlink’s</a> solution guarantees that NAV data may be securely and precisely reported and updated on the blockchain.</p> 
<p>Co-founder of Chainlink Sergey Nazarov said, “Fund tokenization is likely the largest digital asset trend happening today and it is a significant confirmation that global asset management firms are entering this expanding market.”</p> 
<p>He underlined that the worldwide reach and efficiency advantages of tokenized funds much outweigh conventional approaches and will finally become the accepted practice for the whole asset management sector.</p> 
<h4><strong>Additional Industry Integration</strong></h4> 
<p>On the other hand, a prior CNF report highlighted <a href="https://www.crypto-news-flash.com/alaska-gold-rush-adopts-chainlink-ccip-for-cross-chain-transfers/">Alaska Gold Rush’s</a> use of Chainlink’s CCIP for safe cross-chain token transfers, therefore highlighting Chainlink’s growing impact in the realm of digital assets.</p> 
<p>Moreover, according to CoinMarketCap, LINK’s price right now is roughly <strong>$14.38</strong>, which shows a<span style="color: #ff0000;"><strong> 1.31%</strong></span> drop over the last 24 hours but a hopeful <span style="color: #339966;"><strong>2.76%</strong></span> growth over the past week.</p> 
<div class="cryptoboxes" id="mcw-435411" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="chainlink" data-symbol="LINK" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>

Chainlink Collaborates with Sygnum and Fidelity to Revolutionize NAV Data

Table of Contents

Crypto News Flash

Other articles published on Jul 3, 2024

VeChain and WoV Labs Introduce Blockchain-Powered Digital Passport for Authenticity Verification

Coinbase Appointed as Custodian for US Seized Bitcoins

Ethereum DApps On Fire: Volume Soars Over 90% — Good For ETH Price?

Bitcoin Falls More Than 3% In 24 hours

Riot Anticipates 31 EH/s Hash Rate by End of 2024 with New Miner Deployments

Consensys Acquires Wallet Guard to Bolster MetaMask Security

Join our free newsletter for daily crypto updates!