The recently announced Chainlink Reserve is already off to a solid start, barely two weeks since its launch. The Chainlink network just released an update, revealing that it has added more tokens to the reserve.
Chainlink demonstrates its commitment to the Chainlink reserve plans
The network revealed in its latest update that it added 41,105.84 LINK tokens to the Chainlink reserve. An amount worth just over $1 million in fiat value. According to the reserve data, the total number of coins in the reserve now stands at 150,770.02 LINK, valued at roughly $3.8 million.
This development comes just two weeks after the network launched the reserve initiative. The team had stated back then that it would accumulate tokens using real revenue from institutional users and protocol-level services.
If the network maintains a similar or thereabout rate of deposits into the reserve, then LINK reserves may impact price action. Nevertheless, the deposits could see a significant acceleration down the road as the Chainlink network achieves more adoption and utility.
The market reacted with a LINK rally when news of the Chainlink reserve broke out earlier this month. This latest update did not yield any significant impact on LINK price action.
The LINK price tanked by about 5% in the last 24 hours. This sell pressure occurred after facing short-term resistance near the $27 price level, after a 66% rally from its lowest price point in August.
Why Chainlink ISO 27001 and SOC 2 compliance is a big deal
Chainlink also announced that it is now compliant with the ISO 27001 and SOC 2 standards. It is the first on-chain oracle services provider to secure this level of compliance.
This achievement marked a key milestone in the network’s plans for institutional partnerships in the financial industry. The two are reportedly the gold standards that banks require to conduct business on-chain. Hence, the certifications will elevate Chainlink to the trust level necessary for secure banking-related operations.
The compliance certification thus marks a pivotal moment, especially now that banks have been pushing aggressively towards WEB3. The development underscored the potential for Chainlink to onboard some of the biggest banking institutions. An outcome that could generate more revenue for the network, which will, in turn, push for higher allocation into the Chainlink reserve.
These developments highlight more growth potential for Chainlink, which could also super-charge LINK’s potential upside. Especially considering that the integration of Chainlink services with banks will generate more revenue.
Coingape Staff
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Source: https://coingape.com/chainlink-reserve-tops-150770-link-tokens-following-latest-purchase/