In an unprecedented move, Chainlink has unveiled a strategic alliance with Fidelity International and crypto bank Sygnum to digitize net asset value (NAV) data via blockchain technology.

This groundbreaking partnership aims to enhance transparency and accessibility of NAV data within tokenized assets, particularly focusing on Sygnum’s newly tokenized $50 million treasury reserves from Matter Labs, currently held in Fidelity’s $6.9 billion Institutional Liquidity Fund. The announcement, made on Wednesday, underscores the project’s ambitious scope.

Chainlink’s cutting-edge technology ensures the secure storage and automated synchronization of NAV data on the ZKsync blockchain, a distinguished member of Chainlink’s SCALE initiative. This integration promises real-time transparency and historical data accessibility, revolutionizing how Sygnum, its clients, and broader market stakeholders interact with NAV data.

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“Leveraging Chainlink, NAV data is accurately reported and synchronized onchain automatically and securely, offering real-time transparency and inherent access to historical data for Sygnum, its clientele, and the wider market,” stated the press release. The chain-agnostic nature of Chainlink’s technology further facilitates the secure distribution of data across diverse blockchain ecosystems and offchain systems.

“Tokenization of funds represents the most significant digital asset trend today, signifying the entry of global asset management firms into this burgeoning market,” remarked Sergey Nazarov, co-founder of Chainlink. “The expansive reach and efficiency of tokenized funds surpass traditional methods, heralding a new operational paradigm for the asset management industry.”

In a complementary development, Chainlink and the Depository Trust and Clearing Corporation concluded their pilot initiative, Smart NAV, in May. This project, which included major market participants such as BNY Mellon, JPMorgan, and Invesco, explored standardizing NAV data distribution across multiple blockchains, laying the groundwork for a more interconnected financial future.