DTCC Concludes Pilot Program with Chainlink for Tokenizing Traditional Finance Funds

Friday, 17 May 2024, 17:49

The Depository Trust and Clearing Corporation (DTCC) partners with Chainlink to pilot the tokenization of traditional finance funds, leading to a 20% surge in Chainlink's token value. Prominent U.S. banking firms like JP Morgan and BNY Mellon participate in the pilot utilizing Cross-Chain Interoperability Protocol (CCIP). This collaboration signifies a major step towards integrating blockchain technology with mainstream finance, fostering real-time data dissemination and access to historical data.

https://store.livarava.com/e7360c07-1475-11ef-a6c2-63e1980711b2.jpg — DTCC Concludes Pilot Program with Chainlink for Tokenizing Traditional Finance Funds

DTCC Collaborates with Chainlink on U.S. Banking Giants Tokenization Project

The Depository Trust and Clearing Corporation (DTCC) has partnered with blockchain oracle Chainlink to conclude a pilot program with major U.S. banking firms. This initiative aims to advance the tokenization of traditional finance funds.

Key Highlights:

Pilot Success: DTCC’s completion of the tokenization pilot program led to a significant surge in Chainlink’s token value.
Participants: Notable firms such as JP Morgan and BNY Mellon leveraged Chainlink’s Cross-Chain Interoperability Protocol for the program.
Market Impact: Chainlink’s token experienced a 12.5% price increase, reinforcing market interest in fusing traditional finance with blockchain tech.

This collaboration between DTCC and Chainlink signifies an important milestone in integrating blockchain technology into the financial industry, emphasizing the potential for enhanced data access and automation in finance.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.