5 Trillion Dollar Investment Giant Partners with Altcoin in Groundbreaking Collaboration
Chainlink has announced a groundbreaking partnership with Fidelity International and cryptocurrency bank Sygnum.
Author:
Elif Azra Güven
03.07.2024 – 06:21
Update:
2 hours ago
0
The decentralized computing platform, Chainlink, has revealed its collaboration with Fidelity International and Sygnum Bank to bring Net Asset Value (NAV) data on-chain.
The partnership’s goal is to provide transparency and accessibility to net asset value data on tokenized assets. With this collaboration, NAV data with Chainlink will be accurately and securely reported and updated on-chain and across any public or private blockchain.
“We are thrilled to announce that Fidelity International and Sygnum have joined forces with Chainlink to provide on-chain NAV data for Fidelity International’s $6.9 billion money market fund. This marks a significant use case for tokenized assets,” said Chainlink Co-Founder Sergey Nazarov.
He also added, “Fund tokenization is currently the most significant digital asset trend, and it confirms that global asset management companies are entering this growing market. The global reach and efficiency benefits of tokenized funds are much greater than traditional methods, and over time, the entire asset management industry will evolve.”
Despite a 1.3% decrease in the last 24 hours, LINK continues to be traded at $14.4 at the time of writing.
“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,” Chainlink tweeted.
*This is not investment advice.
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