Decentralized oracle network Chainlink (LINK) is skyrocketing after completing a fund tokenization pilot with the Depository Trust and Clearing Corporation (DTCC).
According to a new press release, the DTCC has developed a new pilot program, known as Smart NAV, which utilizes both the firm’s digital asset capabilities as well as Chainlink’s data feeding and interoperability services.
“In its simplest form, Smart NAV centers around providing the capability to make trusted, verifiable data available on (virtually any) blockchain network(s) to support the use of that data in business workflows.
DTCC served as the provider, or sourcer, of that data, as well as the governor of the on-chain solution that stores that data, while Chainlink’s CCIP (cross-chain interoperability protocol) served as the interoperability layer.”
News of the partnership sent LINK flying, as the digital asset went from a 24-hour low of $13.84 to trading for $16.11 at time of writing, a 16.4% increase.
According to Chainlink, the CCIP allows traders to transfer tokens across blockchains safely and efficiently as well as provide support for token minting and burning.
“With CCIP token transfers, your protocol can start transferring tokens across chains in a fraction of the time it would take for you to build a solution on your own. CCIP provides audited token pool contracts that handle the complexity of burning/minting or locking/minting of your token across chains.”
The DTCC was founded in 1999 as a post-trade financial services firm that provides settlement services for markets.
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Featured Image: Shutterstock/David Sandron/Vit-Mar
