Hassan Maishera
On Tuesday, Chainlink announced via X that it partnered with Swift and UBS Asset Management to successfully complete a pilot for settling tokenized fund subscriptions and redemptions using the Swift network.
The move would enable digital asset transactions to settle with fiat payment systems across more than 11,500 financial institutions across over 200 countries and territories. The pilot builds on work with UBS Asset Management and SBI Digital Markets to create a Digital Subscription and Redemption system for tokenized funds.
The pilot shows how financial institutions can leverage blockchain technology, the Chainlink platform, and the Swift network to settle subscriptions and redemptions for tokenized investment fund vehicles, thereby allowing the straight-through-processing of the payment leg without the need for the global adoption of an on-chain form of payment.
Chainlink Network (LINK) aims to provide tamper-proof data inputs and outputs for smart contracts on any blockchain. LINK is up 12% over the past 24 hours, trading at $11.71 at press time.
