- Chainlink has announced a partnership with DTCC to facilitate the tokenization of traditional financial funds.
- The altcoin price has risen to $20 amidst a strong increase in whale activity.
- In the last five weeks, 564 more whales have become holders of over 100,000 LINK.
Chainlink partners with DTCC to boost tokenization of traditional financial funds, leading to a surge in altcoin price and whale activity.
Chainlink Announces Partnership with DTCC
Blockchain oracle Chainlink has announced a collaboration with the world’s largest settlement system, the Depository Trust and Clearing Corporation (DTCC). The two entities, along with several top-tier financial banks in the US, aim to increase the tokenization of traditional financial funds. DTCC has reported running the Smart NAV Pilot program with the aim of standardizing the method of providing NAV data of funds on different Blockchain platforms using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
Increasing Enthusiasm for Tokenization
The pilot program will encourage future industry research and provide better access to historical data for funds, brokerage services, and automatic data distribution. This reveals capabilities that will facilitate numerous downstream applications. Major US banking firms participating in the pilot application include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S. Bank. There is increasing enthusiasm for the tokenization of real-world assets among large traditional financial institutions.
Strong Whale Activity Boosts Altcoin Price
Following the announcement of the partnership with DTCC, oracle service provider Chainlink (LINK) recorded a strong rise. The altcoin price increased by an astonishing 15% in the last 24 hours. LINK is currently trading at $16.09 with a market cap of $9.44 billion. Additionally, LINK’s daily trading volume has shown a significant increase of 200%, surpassing $1 billion. On-chain data provider Santiment points out that the recent Chainlink price rally occurred on the basis of strong LINK whale activity, setting LINK apart from the broader cryptocurrency market.
Conclusion
The number of LINK whales (addresses holding 100,000 LINK or more) has risen to 564, recording a 4.6% increase in just five weeks. Santiment indicates that bullish conditions are on the horizon for LINK, provided social dominance remains stable and FOMO (Fear of Missing Out) is not dominant. The partnership with DTCC and the resulting increase in whale activity indicate a promising future for Chainlink.
