News - Chainlink completes pilot project: LINK rate rises

By Ted Maas

Chainlink completes pilot project: LINK rate rises

Chainlink (LINK)
Price update

Chainlink has completed a pilot project for investment fund tokenization. Chainlink is part of a pilot project for the tokenization of mutual funds, which has now been successfully completed. LINK's price is rising sharply.

"Smart NAV", as it is called, is an initiative of the Depository Trust and Clearing Corporation, or DTCC for short, the world's largest clearing house (A clearing house performs a buffer function in exchange trading between a securities dealer and a central counterparty).

As part of the feasibility study, financial fund data was captured using blockchain. Major banks such as JPMorgan and BNY Mellon were involved. The Smart NAV pilot project was designed to test an extension of DTCC's Mutual Fund Profile Service I (MFPS I), an industry standard for transferring price and price data.

"DTCC worked with ten market participants and Chainlink to evaluate the feasibility and value to the industry that enables new benefits and supports experimentation in the asset management space," the company said in a statement.

The project would have demonstrated "That by providing structured data on the blockchain and creating standard processes, fundamental data can be used on the blockchain, such as tokenized funds and smart contracts for wholesale customers".

This would "can support future industrial research and support numerous use cases, such as brokerage portfolio applications", continues the report.

The Depository Trust and Clearing Corporation is positive about the results: "Based on these findings, we see an opportunity to expand the scope of the pilot project". LINK's price reacted strongly to the announcement.

Compared to yesterday, LINK is up almost 20% percent, the best performance among the 100 largest cryptocurrencies on the day.

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