#Chainlink completed technology testing with US banking giants

Depository Securities and Settlement Corporation (DTCC), the world's largest securities settlement system, has completed a pilot project with #Blockchain oracle Chainlink #LINK and many large financial institutions in the US, to support the acceleration of the tokenization of funds, according to a report published on Thursday by DTCC.

The purpose of the project called Smart NAV is to establish a standard process for posting and disseminating net asset value (NAV) data of funds on blockchains through the use of Chainlink's CCIP protocol. Project participants include Chainlink and major banks such as American Century Investments, BNY Mellon, Edward Jones,...

By completing the pilot project, DTCC “discovered that by providing structured data on-chain and creating standard roles and processes, the underlying data can be embedded into a variety of use cases. on-chain applications, such as tokenized funds and ‘mass consumer’ smart contracts, which are contracts that contain data for multiple funds.”

The pilot project takes place in a context where the tokenization of real assets (RWA) such as bonds, funds and other traditional investments has become one of the topics of interest. Many financial giants such as #BlackRock⁩ , Citi and HSBC have joined to seek benefits such as operational efficiency, faster settlement and increased transparency compared to using traditional financial payment systems. .

Maybe that's the reason why $LINK is increasing while the market for #crypto is as gloomy as it is now.