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May 2024 Recap: DTCC Smart NAV Pilot Delivers Mutual Fund Data Onchain With CCIP, Chainlink Labs One Of Newsweek’s Most Loved Workplaces

Blockchain adoption leapt forward last month when the Depository Trust and Clearing Corporation (DTCC) announced the results of its Smart NAV industry pilot, which leveraged DTCC’s digital asset capabilities and Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to demonstrate how traditional financial institutions can deliver key mutual fund data onchain. 

DTCC collaborated with 10 of the world’s largest financial institutions to develop a chain-agnostic approach to DLT-based data dissemination utilizing CCIP as a secure blockchain abstraction layer. The pilot showed how trusted, verifiable net asset value (NAV) data sourced by DTCC could be delivered onchain via CCIP to unlock a variety of use cases.

Chainlink co-founder Sergey Nazarov appeared on Bloomberg Technology to discuss the pilot’s impact on accelerating real-world asset tokenization throughout the global financial system by allowing banks and FMIs to ultimately become “the biggest net users” of blockchain technology.

“They’re going to generate the most assets; they’re going to generate the most payments; and, importantly, they’re going to do it in a way that complies with legal requirements,” he explained, reiterating his view that virtually all real-world assets will be reformatted into a fundamentally superior state onchain.

(L to R) Caroline Hyde, Sergey Nazarov, and Ed Ludlow discuss real-world asset tokenization on Bloomberg Technology.

The Chainlink ecosystem added several key CCIP integrations in May:

Truflation, a decentralized crypto-native inflation index, announced its CCIP integration across Arbitrum, Base, and Ethereum to facilitate cross-chain transfers of its native token, TRUF, in order to streamline cross-chain payments for node operators and data consumers. 

Index Cooperative (Index Coop), a decentralized autonomous organization (DAO) that maintains top crypto indexes, announced its CCIP integration across Ethereum and Arbitrum to unlock cross-chain transfers of the DeFi Pulse Index (DPI) and Metaverse Index (MVI) tokens.

Celo, an emerging Ethereum layer-2 and mobile-first blockchain network, announced it natively integrated CCIP as its canonical cross-chain infrastructure to fuel innovation throughout the growing multi-chain ecosystem.

Wisdomise, an AI-powered onchain finance platform, announced its CCIP integration across Polygon and Arbitrum to unlock cross-chain transfers of its multi-utility service token, WSDM, allowing users on other blockchain networks to interact with the Wisdomise platform.

RD Technologies, an innovative Hong Kong-based fintech platform, announced its plans to integrate key Chainlink services, including CCIP, to power its forthcoming HKD stablecoin (HKDR).

The Chainlink BUILD program, which fosters the growth of promising early-stage and established projects in Chainlink’s ecosystem, continued to grow in May. New additions include leading DEX Tau Protocol, DeFi security platform Hackless, and tokenized real-world assets platform BRX Finance.

May was also a big month for Chainlink Labs, which ranked 24 on the Top 100 Global Most Loved Workplaces® list published by Newsweek in partnership with award-winning leadership development center and benchmark research company, Best Practice Institute (BPI).

“As workplaces continue to shift, it’s clearer than ever that fostering collaboration, embracing a positive outlook, and aligning values are essential,” said Newsweek’s Global Editor in Chief, Nancy Cooper. “The companies celebrated on the 2024 Global Most Loved Workplaces® list truly embody these principles.” 

Chainlink Labs, the primary contributing developer of Chainlink, was recognized for cultivating a global workforce of more than 600 employees in highly specialized teams “working in an idea meritocracy with an open-source ethos that is building a world-changing product.” 

“Being named as one of Newsweek’s top 100 most loved workplaces in the world reflects highly upon the global team that we’ve worked to build at Chainlink Labs,” said Giovana Totini, Chief People Officer at Chainlink Labs. “We’re a remote-first company that brings together an international team of Web3 natives, capital markets experts, and Web2 professionals to work on one of the most exciting pieces of technology in the world today.”

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