Sygnum and Fidelity International, in partnership with Chainlink, have made a groundbreaking move to tokenize financial data, blurring the lines between traditional finance and blockchain technology. The trio announced their collaboration at the Point Zero Forum, with the goal of bringing Net Asset Value (NAV) data from Fidelity International’s Institutional Liquidity Fund onto the blockchain. This is part of a larger strategy to enhance transparency and accessibility in financial services through digital transformation.
Sygnum, a leader in digital asset banking, has taken a significant step by tokenizing $50 million of Matter Labs’ treasury reserves, which are held in Fidelity International’s money market fund. This tokenization was done on the ZKsync blockchain, using Chainlink’s SCALE program to ensure accurate and secure data handling.
The partnership between Fidelity International, Sygnum, and Chainlink is a landmark production use case for tokenized assets. It not only marks a milestone in the use of blockchain for financial activities but also sets a precedent for future digital asset management.
The introduction of onchain NAV data is a significant advancement for the fund industry. Traditionally, NAV has been crucial for assessing fund value and performance. However, bringing it onto the blockchain through Chainlink’s infrastructure elevates its utility, providing real-time transparency and access to historical data.
This integration supports Sygnum’s vision of bridging the gap between decentralized finance (DeFi) and traditional financial operations. It enhances service delivery to clients and market participants across various platforms.
Furthermore, Chainlink’s decentralized oracle networks enable the secure and efficient propagation of this data across any blockchain network, ensuring interoperability and dynamic synchronization of asset data.
The collaboration among Sygnum, Fidelity International, and Chainlink represents a significant step towards a fully integrated onchain financial ecosystem. It not only meets the current needs of blockchain-native companies but also aligns with the broader market’s shift towards tokenization.
