Hassan Maishera
On Monday, Chainlink announced via X that SBI Digital Markets, UBS Asset Management, and Chainlink successfully completed their implementation of a tokenized fund.
The new model launched by UBS, SBIDM, and Chainlink during the Singapore FinTech Festival shows how existing fund administration processes can be made applicable to tokenized funds delivered across multiple chains.
One of the key components of the new model is the digital transfer agent (DTA) smart contract, which was made possible by utilizing multiple Oracle networks from Chainlink and deployed by SBIDM as a custodian and fund distributor.
The pilot demonstrated the possibility for a tokenized fund to maintain its share register on one blockchain while using Chainlink's Cross-Chain Interoperability Protocol (CCIP) to enable the processing of intensive fund lifecycle activities like subscriptions and redemptions on another blockchain with different underlying security, cost, and efficiency properties.
Chainlink Network (LINK) aims to provide tamper-proof data inputs and outputs for smart contracts on any blockchain. LINK is up 4% over the past 24 hours, trading at $14.85.
