Dev Partnership Ignites Market Surge for Altcoin: Spotlight on Coin Name (Symbol)

  • 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.

BREAKING NEWS

JJ Lin Teams Up with Ethereum Founder Vitalik Buterin in Singapore on Tech-Driven Sustainability

In a continuing public exchange, JJ Lin posted a...

Yellen Sees Inflation Continuing to Decline Toward the Fed’s 2% Target

COINOTAG News reports that on October 26, US Treasury...

Ethereum Address ‘Buddy’ Huang Lizheng Starts Partial Sell of ETH Long Positions, 2,450 ETH Remaining with $489K Unrealized Gain

Ethereum price action remains influenced by on-chain movements, as...

DRAGON Token Powers Dragon Ball’s Web3 Debut on BNB Chain, Expanding the DragonVerse IP RWA Empire

COINOTAG News reports the launch of DRAGON, a token...

Trump Won’t Meet Putin Until Ukraine Peace Is Reached as Kozak Says Talks Are Close During Doha Stopover

Geopolitical risk is shaping the risk backdrop for markets...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img