The trading volume of LINK increased by 78.85% in the past 24 hours to $499 million while its market cap stood at $7.41 billion, making Chainlink the 14th-largest cryptocurrency.
Chainlink, a leading decentralized blockchain oracle network, has cemented several partnerships in the past 48 hours. The native token of the protocol LINK LINK $26.20 24h volatility: 9.9% Market cap: $17.77 B Vol. 24h: $2.78 B has skyrocketed a massive 12.40% in the past 24 hours and is trading at $11.86 at the time of publication.
As pointed out in a post on X (previously Twitter) by Chainlink’s Community Liason, Zach Rynes, the blockchain protocol, along with UBS Asset Management and Swift, completed a pilot that would allow the settlement of crypto transactions using the Swift network.
According to an announcement, the goal of the collaboration was to allow users to settle crypto transactions with fiat payment systems across the globe. With the help of UBS Asset Management and SBI Digital Markets, a “Digital Subscription and Redemption System” for tokenized funds was created, allowing Swift networks to be used for subscriptions and redemptions.
Further, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is being leveraged by SBI Digital Markets to create an end-to-end framework for the primary and secondary market distribution of assets tokenized using blockchain technology. This will be achieved by connecting centralized exchanges (CEXs) in various jurisdictions.
The chief executive of SBI Digital Markets, Winston Quek, noted that through this framework, institutional investors will be able to “unlock efficiencies through blockchain technology,” adding that the framework will also allow dual issuances in traditional and tokenized formats.
Meanwhile, as per the data posted on X by blockchain analysis platform Santiment, the total development activity on Chainlink has surged a monumental 14,450% in the past 30 days. The blockchain oracle network shows significant potential, announcing earlier today that it is working with investment platform ADDX and Australian banking group ANZ Australia on a project focused on “privacy-preserving, cross-border settlement of tokenized commercial paper.”
Using Chainlink’s CCIP, ANZ Bank’s digital asset services, and ADDX’s investment platform, the project seeks to display how an Australian investor can purchase/redeem tokenized commercial paper issued on ADDX’s platform.
Richard Schroder, Head of Digital Asset Services at ANZ, stated that his company is eager to explore “the privacy-preserving capabilities of Chainlink CCIP” and support its customers with end-to-end private transactions.
Chainlink (LINK) Jumps 12%
The trading volume of LINK increased by 78.85% in the past 24 hours to $499 million while its market cap stood at $7.41 billion, making Chainlink the 14th-largest cryptocurrency. In the past day, the altcoin rose from a daily low of $10.52 to its daily high at $11.94 and then fell to the current price of $11.86.
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Photo: TradingView
- The chart above by TradingView confirms that the Relative Strength Index (RSI) for LINK reads a value of 55.07, which means that the bulls are overall in control and the buying demand for LINK is increasing. A move toward $15 is possible if the market remains in the current bullish state for a long.
