Fidelity and Sygnum Partner with Chainlink to Bring Transparency to Tokenized Assets
Fidelity International and Sygnum, a Swiss digital asset bank, have teamed up with blockchain oracle network Chainlink to bring Net Asset Value (NAV) data onto the blockchain. This collaboration aims to enhance transparency and accessibility for tokenized assets.
Tokenizing Fidelity Fund with Chainlink Oracle Network
The partnership will initially focus on tokenizing Fidelity International's $6.9 billion Institutional Liquidity Fund, which is currently managed by Sygnum. The fund's NAV data will be integrated into blockchain frameworks, providing real-time transparency and historical data accessibility for Sygnum's clients and the wider market.
This initiative underscores a growing trend towards integrating traditional financial systems with blockchain technology. Chainlink plays a crucial role in this integration by offering a secure and accurate method for transmitting NAV data across various blockchains.
Industry Impact and Institutional Adoption
"This collaboration marks a significant step forward in the development of tokenized assets," said Chainlink's CEO, Sergey Nazarov. "By bringing NAV data onchain, we are making it easier for investors to access critical information and make more informed investment decisions."
The partnership is expected to drive greater adoption of tokenized assets among institutional investors. As more asset classes are tokenized, the need for reliable and transparent data will become even more critical. Chainlink's ability to provide this data across different blockchains positions it as a key player in the future of the tokenized asset market.
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