Chainlink price in focus as JPMorgan makes tokenisation leap

Chainlink price in focus as JPMorgan makes tokenisation leap
фото показано с : invezz.com

2023-10-11 07:05

Chainlink (LINK) price came under pressure on Wednesday after a major breakthrough in the tokenization industry. The coin retreated to a low of $7.15, the lowest level since September 25th. It has crashed by more than 12% from the highest level this month.

Chainlink has become one of the most popular networks in the tokenisation industry. The network, through its CCIP feature, provides companies and organisations with tools to tokenise their assets. 

Chainlink is working with companies like ANZ Bank and Swift to power this industry. Swift is a major player in the financial services industry since it links thousands of banks and handles billions of dollars every day.

Many companies are now working on tokenized assets. The London Stock Exchange (LSEG) announced recently that it was moving to the next stage of tokenising the platform. The goal will be for the exchange to provide its stocks to a wider audience internationally.

Watch here: https://www.youtube.com/embed/Y7I4IDojhJk?feature=oembed

The most recent tokenisation news came out on Wednesday when JPMorgan debuted its blockchain collateral settlement. The transaction, which happened in the Tokenised Collateral Network (TCN) helped Blackrock turn shares in one of its money market funds into digital tokens. It then moved them to Barclays, its counterparty in the transaction.

JPMorgan did this transaction through its Onyx Digital Assets. It hopes that this tokenisation technology will help it save costs and increase transaction speeds in its network. This is a notable milestone because JPMorgan is the biggest bank in the US by assets and moves trillions of dollars per month.

Therefore, there is a likelihood that other companies in the industry will embrace tokenisation if JPMorgan becomes successful.

JPMorgan did not use Chainlink for this transaction. However, Chainlink is set to benefit if more companies embrace the technology. A key selling point is that Chainlink has a tried and tested technology and partnerships with organisations like Swift and Depository Trust Company.

Chainlink is also a well-connected company that counts Eric Schmidt as a board member. Eric, a billionaire, is known for leading Google from a small company into the world’s biggest search engine company.

The post Chainlink price in focus as JPMorgan makes tokenisation leap appeared first on Invezz.

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ChainLink (LINK) на Currencies.ru

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