As a seasoned researcher with a deep-rooted interest in blockchain technology and its applications, I find myself particularly enthused by the recent partnership between ChainLink (LINK), SWIFT, and UBS Asset Management. The pilot project for settling tokenized fund subscriptions and redemptions is not just another collaboration; it’s a significant step towards bridging the gap between traditional finance and the digital asset ecosystem.
As a crypto investor, I’m excited about the evolution of ChainLink (LINK), a top-tier decentralized Oracle network. Recently, it’s partnered with SWIFT and UBS Asset Management for tokenization, which has sparked optimism throughout the ecosystem. This integration seems to have ignited a bullish rebound in LINK’s price, making me even more optimistic about its future growth.
Chainlink launches pilot with SWIFT and UBS asset management
Based on a recent announcement, ChainLink, SWIFT, and USB Asset Management are collaborating to initiate a trial run for the settlement of tokenized fund subscriptions and redemptions.
Using the SWIFT network, this initiative aims to facilitate digital asset transaction settlements through conventional banking systems in over 200 countries and territories. The project encompasses approximately 11,500 participating financial institutions globally.
Significantly, conventional fund management frequently requires enhancements in the subscription and redemption procedures to boost efficiency. Common obstacles encountered are manual interventions, prolonged settlement times, and the demand for immediate transparency.
Consequently, the pilot showcased a method where financial institutions could utilize blockchain technology for settling subscriptions and redemptions in tokenized investment funds. To facilitate this, they planned to use technologies from ChainLink and SWIFT, enabling seamless payment processing directly.
Due to this setup, the world wouldn’t require a universal on-chain payment method. Instead, it streamlines the automation of fund withdrawal and investment procedures. The project builds upon collaborations with UBS Asset Management and SBI Digital Markets to establish a digital redemption and subscription system for tokenized funds, which is being further developed.
LINK’s reaction
After the integration announcement and fluctuations in LINK’s price, the native digital coin of ChainLink network experienced a surge in value. Currently, LINK is being traded at $10.79, representing a 2.7% increase over the past 24 hours. Additionally, the trading volume has grown by 19.3%, reaching approximately $280 million within the same timeframe.
As a crypto investor, I’m currently holding onto some Link (LINK), which is the 14th largest cryptocurrency with a market capitalization of approximately $6.7 billion. If the overall market sentiment starts to improve, many analysts are predicting a more optimistic outlook for LINK. This optimism can be supported by ongoing upgrades and the expanding range of uses that the protocol continues to achieve on a daily basis.
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2024-11-05 19:18