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Chainlink (LINK), a leading decentralized Oracle network, is evolving with a recent tokenization partnership with SWIFT and UBS Asset Management. The integration has fueled positive sentiment across the ecosystem, with LINK’s price experiencing a bullish rebound.
Chainlink launches pilot with SWIFT and UBS asset management
According to a press release, Chainlink, SWIFT and USB Asset Management have teamed up to launch a pilot for settling tokenized fund subscriptions and redemptions.
Mushumir ButtLeveraging the SWIFT network, the initiative would allow the settlement of digital asset transactions with fiat payment systems. This initiative will involve about 11,500 financial institutions from more than 200 nations and territories.
Notably, traditional fund operations often need to be more efficient in subscription and redemption processes. These challenges typically include manual interventions, delayed settlements and a need for real-time transparency.
Therefore, the pilot demonstrated how financial institutions can leverage blockchain technology to settle subscriptions and redemptions for tokenized investment fund vehicles. The pilot would leverage technologies from Chainlink and SWIFT to allow direct payment processing.
As a result, there would be no need for the global adoption of an on-chain form of payment. This facilitates the automation of the fund redemption and subscription processes. The pilot expands on work with UBS Asset Management and SBI Digital Markets to create a digital subscription and redemption system for tokenized funds.
Dan BurginLINK’s reaction
Following the integration announcement and LINK's price, the Chainlink network's native digital coin saw a bullish rebound. As of writing time, LINK is trading at $10.79, up 2.7% in the last 24 hours. The trading volume increased by 19.3% within the same time frame to $280 million.
LINK is currently the 14th largest cryptocurrency, with a market valuation of $6.7 billion. If general market sentiment picks up, analysts forecast a more bullish case for LINK. This bullish case can be backed by upgrades and by the diversified uses the protocol is achieving by the day.
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov