In an innovative fusion of conventional financial systems and blockchain technology, **Sygnum** and **Fidelity International** have joined forces with **Chainlink** to pioneer the tokenization of financial data.
During the Point Zero Forum, this alliance was unveiled, focusing on the integration of Net Asset Value (NAV) data from Fidelity International’s Institutional Liquidity Fund into the blockchain network. This initiative is a key component of a wider agenda aimed at bolstering the transparency and reach of financial services through the lens of digital innovation.
**Sygnum**, a trailblazer in the realm of digital asset banking, has made a notable move by converting $50 million from Matter Labs’ treasury reserves into tokenized assets within Fidelity International’s money market fund. This conversion was executed on the ZKsync blockchain, utilizing Chainlink’s SCALE program to guarantee the precision and security of the data.
We are thrilled to share that **Fidelity International** and **Sygnum** have collaborated with **#Chainlink** to bring NAV data onchain for Fidelity International’s $6.9B money market fund, marking a significant milestone in the application of blockchain for financial transactions and setting the stage for the future of digital asset management.
The deployment of NAV data onchain signifies a pivotal progression for the fund industry. NAV has traditionally been the bedrock for evaluating fund value and performance. Now, with its migration to the blockchain facilitated by Chainlink’s framework, NAV’s functionality is greatly enhanced, offering instantaneous transparency and archival data access.
This technological amalgamation is in line with Sygnum’s aspiration to merge decentralized finance (DeFi) with established financial practices, thus improving the delivery of services to clientele and stakeholders across diverse platforms.
Furthermore, Chainlink’s decentralized oracle networks are instrumental in securely and effectively disseminating this data throughout various blockchain networks. This ensures extensive interoperability and the dynamic alignment of asset data.
The collaborative efforts of **Sygnum**, **Fidelity International**, and **Chainlink** signify a substantial stride towards the creation of a cohesive onchain financial ecosystem. This endeavor not only serves the immediate requirements of entities native to the blockchain but also resonates with the larger market trend of embracing asset tokenization.