Chainlink (LINK) Price Shoots 15% After DTCC Partnership, Will the Rally Continue?

Oracle service provider Chainlink (LINK) has seen a strong surge after the news of its partnership with DTCC. The Chainlink (LINK) price has surged by a staggering 15% in the last 24 hours, currently trading at $16.09 with a market cap of $9.44 billion. Also, the daily trading volume for LINK has shot up significantly by 200% moving all the way past $1 billion.

Strong Whale Activity Boosts Chainlink Price

On-chain data provider Santiment reported that the recent Chainlink price rally comes on the backdrop of strong LINK whale activity, setting it apart from the broader cryptocurrency market.

The number of Chainlink whales—addresses holding 100,000 LINK or more—has risen to 564, marking a 4.6% increase in just five weeks. Santiment notes that if social dominance remains steady and FOMO (Fear of Missing Out) does not dominate, bullish conditions could be on the horizon for Chainlink.

Partnership With DTCC

In a major announcement, blockchain oracle Chainlink joined hands with Depository Trust and Clearing Corporation (DTCC), the world’s largest settlement system. These two players will work along with several top financial banks in the U.S. to boost the tokenization of traditional financial funds.

On Thursday, May 16, DTCC reported that it conducted the Smart NAV Pilot program in order to standardize the method of providing NAV data of funds across different blockchain platforms by leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP). DTCC noted:

“The pilot found that by delivering structured data on-chain and creating standard roles and processes, foundational data could be embedded into a multitude of on-chain use cases, such as tokenized funds and ‘bulk consumer’ smart contracts, which are contracts that hold data for multiple funds”.

The pilot program has revealed capabilities that could propel future industry exploration and facilitate numerous downstream applications, such as brokerage services, automated data dissemination, and improved access to historical data for funds.

Prominent U.S. banking firms that participated in the pilot include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street, and U.S. Bank.

There is growing enthusiasm for real-world asset tokenization among major traditional financial institutions. On March 19, BlackRock introduced a tokenized money market fund called BUIDL on the Ethereum network, providing native U.S. dollar yields

The post Chainlink (LINK) Price Shoots 15% After DTCC Partnership, Will the Rally Continue? appeared first on CoinGape.