Chainlink Completes Pilot Project: LINK Price Soars

Chainlink has completed a pilot project with the world's largest clearing house, DTCC, to tokenize investment funds. The LINK price has responded positively to the news.

Chainlink was part of a pilot project to tokenize investment funds, which has now been successfully completed. The "Smart NAV" initiative is an initiative of the Depository Trust and Clearing Corporation (DTCC), the world's largest clearing house.

As part of the feasibility study, financial fund data was recorded on the blockchain. The big banks JPMorgan and BNY Mellon were involved in the project.

The Smart NAV pilot project aimed to test the expansion of the DTCC's Mutual Fund Profile Service I (MFPS I), a industry standard for transmitting price and quote data.

"The DTCC, together with ten market participants and Chainlink, evaluated the feasibility and industry value of a blockchain-based price and quote transmission solution that enables new benefits and supports experimentation in asset management," according to a statement.

The project showed that "by providing structured data on the blockchain and creating standard processes, fundamental data can be embedded in a variety of blockchain applications, such as tokenized funds and smart contracts for mass consumers."

This could "support future research in the industry and support numerous downstream applications, such as broker portfolio applications," according to the statement.

The Depository Trust and Clearing Corporation draws a positive conclusion: "Based on these results, we see the possibility of expanding the scope of the pilot project."

The Chainlink currency, LINK, reacted positively to the news, with a 16% increase in value compared to the previous day. At the time of writing, the price is $16.21 USD.

For more Crypto and Finance content Check out our Blog: https://finixyta.com/artesian-resources-corporation-artna-a-dependable-dividend-king-amidst-low-mainstream-interest/