The price of Chainlink (LINK) has risen 20.15% in the past 24 hours, to $16.71, amid news of a successful pilot program with major US financial institutions. The 24-hour trading volume for LINK has also increased by 217.92% and now stands at $1.13 billion.

This significant price increase follows the completion of a pilot project by the Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system, in partnership with blockchain oracle Chainlink and several prominent financial entities in the United States.

According to a report published Thursday by DTCC, the initiative, called Smart NAV, aims to accelerate the tokenization of funds by establishing a standardized process for providing and distributing net asset value (NAV) data across various blockchain networks using Chainlink’s CCIP interoperability protocol.

The pilot project included participation from leading financial institutions such as American Century Investments, JPMorgan, BNY Mellon, Franklin Templeton, Edward Jones, Invesco, MFS Investment Management, State Street, Mid Atlantic Trust and US Bank.

The primary goal of Smart NAV was to make the reliable and verifiable data needed for business workflows accessible across multiple blockchain networks. DTCC acted as the data provider and operator of the on-chain solution that stores this data, while Chainlink’s CCIP served as the critical interoperability layer. The capabilities explored during the pilot are expected to be applicable to a wide range of use cases, potentially improving operational processes across industries.

This successful implementation has led to discussions about expanding the scope of the pilot to explore additional use cases, potentially involving a greater number of blockchain networks. Meanwhile, the rise in LINK’s price reflects investor confidence in the potential wider adoption of blockchain technology within the financial sector. The developments have highlighted the growing importance of blockchain oracles and interoperability protocols in facilitating efficient and secure data exchange across decentralized networks.

Source: https://cryptobenelux.com/2024/05/17/chainlink-schiet-20-omhoog-na-vs-bankpilot-programma/



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