Chainlink, Sygnum, and Fidelity International Collaborate to bring NAV Data Revolution

Bittime - Global digital asset bank Sygnum has just announced a collaboration with Fidelity International, and Chainlink. This collaboration aims to provide Net Asset Value (NAV) data) to blockchain, a revolutionary step that increases transparency and accessibility in investment management.

This innovative project focuses on the tokenization of Fidelity International's $6.9 billion (around IDR 112 trillion) Institutional Liquidity Fund. Previously, Sygnum had successfully tokenized $50 million (around IDR 81.5 billion) of Matter Labs treasury reserves onto the ZKsync blockchain using Fidelity International money market funds.

Real-Time Transparency with Onchain NAV Data

NAV data is an important element in the traditional investment management industry. Chainlink technology enables automatic and secure reporting and synchronization of NAV data to the blockchain. 

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This integration provides real-time transparency and easy access to historical data for Sygnum, their customers, and market participants at large.

Another advantage of Chainlink is its cross-blockchain architecture. Thus, NAV data can be safely deployed across any existing blockchain or offchain solution. 

This capability supports dynamic synchronization and cross-chain interoperability. So, tokenized assets can continue to operate smoothly in various environments.

Chainlink, Sygnum, and Fidelity Building a Regulated Onchain Ecosystem

Fatmire Bekiri, Head of Tokenization at Sygnum, emphasized the importance of building standards to encourage ecosystem engagement and cooperation between asset managers, regulated financial institutions, and blockchain companies.

"This is an important milestone, and we are pleased to see the incredible work that has been done with Fidelity International, Chainlink, and Matter Labs come to fruition... We look forward to continuing to build the onchain ecosystem in a regulatory compliant manner," said Bekiri.

Chainlink, Sygnum, and Fidelity International collaboration Addressing Growing Onchain Data Needs

This collaboration comes in line with increasing demand from blockchain-based businesses for the availability of assets and NAV data. This is from investment managers such as Fidelity International. 

The Chainlink solution ensures that NAV data can be reported and updated securely and accurately on the blockchain, both on public and private blockchains.

Sergey Nazarov, co-founder of Chainlink, views fund tokenization as the biggest digital asset trend today. "This is significant confirmation that global asset management companies are entering this emerging market," Nazarov said.

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He emphasized that the global reach and efficiencies offered by tokenized funds far surpass conventional approaches and will eventually become standard practice for the entire asset management sector.

Further Integration in Industry 

Previously, a CNF report highlighted Alaska Gold Rush's use of Chainlink's CCIP for secure cross-chain token transfers. This is clear evidence of Chainlink's growing influence in the digital asset realm.

The current price of LINK, according to CoinMarketCap, is around $14.38 (around IDR 234,000), down 1.31% in the last 24 hours but up 2.76% over the past week.

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