CandleFocus Chainlink Powers Pilot with SBI and UBS for Tokenized Fund Operations Across Chains
2024-11-05
Author: Content Editor
SBI Digital Markets and UBS Asset Management have completed a pilot program using Chainlink's Cross-Chain Interoperability Protocol (CCIP). The pilot demonstrated the feasibility of streamlining fund operations across different blockchains and financial systems, aiming to increase operational efficiency and transparency in the mutual fund industry valued at approximately $63 trillion. The pilot used smart contracts to facilitate cross-chain communication with tokenized fund contracts. SBI Digital Markets has been focusing on building regulated frameworks to facilitate the flow of tokenized securities and has adopted an "open and interoperable architecture" to enable institutional investors to benefit from blockchain technology. Chainlink recently launched its CCIP Private Transactions to allow financial institutions to maintain data confidentiality. The successful completion of the pilot program is expected to drive more institutional adoption of blockchain technology and Chainlink's standard.
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