- Chainlink announced its partnership with UBS and DigiFT on X.
- They will work to deploy automated tokenized fund operations. It is expected to help bring down errors and save costs.
- LINK price noted an increase of 2.06% in the last 24 hours.
Chainlink has announced a partnership with UBS and DigiFT. The aim is to achieve a seamless workflow for tokenized fund operations onchain. The process is now divided into three steps under the Digital Transfer Agent framework, laying the foundation for a broader adoption across Hong Kong. Meanwhile, LINK prices noted a surge of over 2% in the last 24 hours, for the value to surpass the $23.80 mark.
Chainlink Partners with UBS and DigiFT
Chainlink published a post on X, announcing that it has collaborated with UBS and DigiFT. The objective is to automate tokenized fund operations and facilitate a broader adoption of tokenized products across Hong Kong. Once the Digital Transfer Agent, or DTA, is implemented, it will assist in lowering manual errors while also reducing costs. Chainlink has further stated that the partnership is to boost automation under the Cyberport program of Hong Kong.
The blockchain-based solution by Chainlink will essentially automate three services of tokenized products. These are transfer, distribution, and lifecycle management. All this is estimated to also help the global asset management industry, which is reportedly valued at $132 trillion.
Automated Workflow Process by Chainlink, UBS, and DigiFT
Chainlink’s entire automated workflow process has been divided into three steps. First, investors will have to submit orders for the tokenized products of UBS. This must be done through the regulated distributor smart contract of DigiFT. Then, it will be processed by the Digital Transfer Agent of Chainlink, and the same will be recorded onchain. Finally, it will trigger issuance and redemption on the tokenized product smart contracts.
DigiFT Hong Kong CEO, Kevin Loo, has said that the partnership will strengthen the position of Hong Kong in the segment of tokenized finance across the world. Kevin also acknowledged that Hong Kong was emerging as a leader for regulated digital assets under the initiative of the Blockchain & Digital Asset Pilot Subsidy Scheme.
LINK Price Surge in Last 24 Hours
LINK price noted a rise of 23.81% over the last 24 hours, taking the value to $23.81 at the time of writing this article. CoinMarketCap data further highlighted an increase of 2.04% in the market cap, which now stands at $16.14 billion. The 24-hour trading volume was down by 0.74% but the overall bullish sentiment remains intact.
FGI of LINK was 54 points, supported by 4.84% volatility and a 14-day RSI of 52.98 points. The 50-Day SMA and 200-Day SMA were noted to be $21.34 and $16.43, respectively. Chainlink price earlier reported a surge when Chainlink was highlighted in Citi’s report.
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