Chainlink native token link (CONNECTION) Crossed $ 24 and performed 2.5% on Thursday when the Oracle provider revealed a joint project with Digift and UBS to automate tokenized fund operations in Hong Kong.
The three companies secured approval under Hong Kong’s Cyberport Blockchain and digital asset pilot supplements to build automated infrastructure for tokenized financial products, according to a press release from Thursday.
The partners are planning to streamline how tokenized funds are distributed, run and administered throughout their life cycle. Today, these processes often involve manual paperwork that slows down transactions and increases the risk of errors. By moving these steps to smart contracts, the project aims to reduce costs and standardize fund operations.
Under the system, investors deliver orders for UBS’s tokenized products through Digift’s regulated distributor Smart Contracts. Chainlink’s digital transfer agent frame then processes the transactions and detects them at chain, which in turn triggers issuance or redemption on UBS’s token contracts.
In other recent news, chainlink also introduced its transverse chain inter operability protocol to Aptos Blockchain, expanding connection of connecting companies to decentralized financing applications and corporate chamber management.
Technical analysis
- Chainlink’s link has shown a strong technical recovery after its 20% since mid -August, Coindesk Research said technical analysis model.
- Volume -based support established at $ 23.60 level after breakout, confirmed by sustained purchase interest.
- Token surpassed the wider crypto market’s benchmark Coindesk 20, which advanced 1.5% gain in the same period.
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