Financial giant Fidelity announces partnership with blockchain project

The decentralized computing platform Chainlink has announced a collaboration with Fidelity International and cryptocurrency bank Sygnum to integrate Net Asset Value (NAV) data onto the blockchain. The partnership between Fidelity, Sygnum Bank, and Chainlink aims to enhance the transparency and accessibility of tokenized asset NAV data. Following this collaboration, NAV data will be accurately and securely reported and updated on the blockchain through Chainlink across any public or private network. The announcement highlights that Fidelity International and Sygnum have partnered with Chainlink to provide on-chain NAV data for Fidelity International’s $6.9 billion money market fund, marking an important case of productive use for tokenized assets. Read more:

Among all cryptocurrencies, Ether investment products performed the worst. Sergey Nazarov, co-founder of Chainlink, stated that the tokenization of funds is a major trend in the digital asset space, indicating that global asset management firms are increasingly entering this growing market. We are pleased to announce that Fidelity International and Sygnum have partnered with #Chainlink to provide on-chain NAV data for Fidelity International’s $6.9B money market fund. This is a milestone production use case for tokenized assets pic.twitter.com/o0sT4JOQNj — Chainlink (@chainlink) July 3, 2024. He emphasized that the global impact and efficiency advantages of tokenized funds surpass traditional methods, and it is expected that the entire asset management industry will eventually adopt this form.