Key Points
- Chainlink (LINK) is up by 20% in the past 24 hours, according to data from CoinMarketCap.
- LINK is trading above $16.6.
Chainlink (LINK) is up by 20% today, according to data from CoinMarketCap. The token is trading above $16.6 at the moment of writing this article.
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The current market cap of LINK is currently above $9.7 billion.
On their X account, the team behind Chainlink announced followers that the largest financial institutions in the world are currently working with them in order to bring capital markets on-chain and access the tokenized asset economy.
The team behind the project explains how Chainlink is transforming global finance. DTCC announced its Smart NAV industry pilot with Chainlink and ten major market participants.
The largest financial institutions in the world are working with #Chainlink to bring capital markets onchain and access the tokenized asset economy.
How Chainlink is transforming global finance 🧵
— Chainlink (@chainlink) May 16, 2024
In the original blog post, DTCC notes that as a trusted Financial Market Infrastructure (FMI) and a partner to financial market participants for over 50 years, they are well-positioned to support the industry’s ongoing exploration of digital assets and their application in financial services.
As a part of this exploration, DTCC developed a new pilot called Smart NAV which leveraged DTCC’s digital asset capabilities and Chainlink, the leading tech platform for cross-chain interoperability and blockchain abstraction.
The team behind Chainlink also noted that the platform provides institutions with a vast array of services that are required for a complete tokenized asset strategy:
- On-chain Data (NAV, PoR)
- Cross-chain interoperability
- Blockchain Abstraction
- Dynamic Synchronization
They also shared a video of co-founder Sergey Nazarov’s 25-minute deep dive to understand how Chainlink is uniquely positioned to offer a global standard that solves the long-standing fragmentation across traditional financial markets.
What is Chainlink (LINK)?
Chainlink was founded back in 2017 and it’s a blockchain abstraction layer that enables universally connected smart contracts. Via a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods.
It provides critical off-chain info needed by complex smart contracts to become the dominant form of digital agreement.
The network is driven by a large open-source community of data providers, node operators, smart contract devs, researchers, security auditors, and more.
The company is focused on ensuring that decentralized participation is guaranteed for all node operators and users who are looking to contribute to the network.
LINK token aims to incentivize a global network of computers to offer reliable, real-world data to smart contracts.
