- Chainlink has introduced the Industry Standard of Corporate Actions.
- The aim is to bring corporate actions on-chain.
- LINK price has responded with a surge of 1.54% in the last 24 hours.
Chainlink has made a major announcement and called it an industry milestone. It is essentially bringing most of the important corporate actions on-chain. This is expected to help industry players navigate the ongoing complexities. The announcement has sparked bullish sentiments around the ecosystem’s native crypto, which is LINK. The token has already surged over the past 24 hours, and is estimated to mark upticks in days to come.
Chainlink’s Industry Standard for Corporate Actions
Chainlink has partnered with 24 financial organizations from around the world. This includes the likes of Euroclear, DTCC, and Swift. The objective is to bring corporate actions like dividends and stock splits on-chain.
These actions, per the announcement, are fragmented and operationally intensive. Moreover, they result in around $58 billion annual costs, $34 million average cost per event with 110k+ firm interactions, and manual data revalidation. Additional issues are delayed confirmation and the absence of a single verified source of truth.
The outcome of the Industry Standard of Corporate Actions with unified golden records, as Chainlink has defined it in the announcement, would be to tackle all those issues. For instance, the on-chain solution for global financial giants will offer 100% data accuracy, and distribute validated unified golden records across the AppChain environment of DTCC.
Impact on LINK Price
The announcement by Chainlink seems to have a positive impact on LINK price. The Chainlink token has surged by 1.54% in the last 24 hours, and is exchanging hands at $21.61 when the article is being drafted. LINK price, however, has plummeted by 0.31% in the last 7 days and 9.24% in the last 30 days.
Most of the low points of LINK price downtrends have started shifting upwards, and this is setting stronger waves for potential uptrends. The 24-hour trading volume is currently up by 47.92% to over $723 million.
Future Course of LINK Price
Chainlink’s partnership with 24 global financial organizations has set a bullish tone for the future. This is evident from the estimates, which predict LINK price to surge by approximately 8.08% in the next 30 days. This would take the token value to around $23.30 amid the volatility of 5.14%. LINK price prediction for the short term does issue a warning because the Chainlink token may undergo a slight correction of 1.66% in the next 5 days.
Resistance levels of LINK are within the range of $22.16 and $23.08. Similarly, support margins have $21.23 and $20.31 as their crucial endpoints. The majority of Oscillators are hinting at the neutral sentiment, and so is the FGI rating of 50 points.
It is important to note that the contents of this article are neither recommendations nor advice for crypto trading.
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