LINK Stays Flat Despite Chainlink Partnering with Major Financial Institutions

TL;DR

• LINK is up by less than 1% in the last 24 hours and is trading at$11.85 per coin.

• The stagnant performance comes despite Chainlink partnering with major financial institutions, including Swift, Euroclear, Franklin Templeton, Avalanche (AVAX), ZKsync (ZK) and Hyperledger Besu.

Chainlink Partners with Major Finance Institutions to Boost Corporate Actions Data Reporting

Chainlink announced on Monday, October 21st, that it has partnered with major financial market participants, including Euroclear, Swift, UBS, Franklin Templeton, Wellington Management, CACEIS, Vontobel, and Sygnum Bank. The partnership launched an initiative to use artificial intelligence and blockchain technology to make corporate action data more accessible and standardized.

According to Chainlink, the initiative will standardize the process of collecting and distributing information about key actions taken by corporations, such as mergers, dividends, and stock splits.

We're excited to announce the results of an industry-wide corporate actions initiative between Chainlink, Euroclear, Swift, & 6 financial institutions.

We successfully demonstrated how AI, oracles & blockchains can solve a decades-long unstructured data challenge in finance🧵⬇️ pic.twitter.com/4YOT5tX2sr

— Chainlink (@chainlink) October 21, 2024

In addition to the above-mentioned financial institutions, crypto projects Avalanche (AVAX), ZKsync (ZK), and Hyperledger Besu will also contribute to this initiative. 

Chainlink explained that it connected its decentralized oracles with large language models (LLMs) like OpenAI's ChatGPT, Google's Gemini, and Anthropic's Claude. By integrating with the LLMs, Chainlink can extract corporate actions data from various sources and transform it into a structured format called "Golden Records".

According to the team, Golden Records complies with global financial standards like the ISO 20022 and the Securities Market Practice Group (SMPG) guidelines. The record now leverages Chainlink's Cross-Chain Interoperability Protocol (CCIP) to publish and distribute data across different blockchains.

LINK Fails to Rally

LINK, Chainlink’s native coin, failed to rally despite the partnership with these major financial institutions. The coin is trading at $11.85, up 0.3% in the last 24 hours.

According to data obtained from Coinmarketcap, LINK is the 14th-largest cryptocurrency by market cap, having increased its value by only 3% in the last seven days.

Bitcoin, the leading cryptocurrency by market cap, is having a poor start to the week, down by more than 2%. After hitting the $69k level late last week, Bitcoin failed to rally to a new all-time high and is now trading at $67,301 per coin.

With Bitcoin underperforming, the total cryptocurrency market cap has dropped to $2.33 trillion, down 2%.