Earlier today on January 14th, Chainlink announced a new partnership with BTguru in order to scale tokenized securities in Turkey.
The partnership will see an increase in the usefulness and liquidity of BTguru’s institutional offering using Chainlink, the industry standard for onchain finance, services.
The news came against the backdrop of the $LINK token rising over 8%. At the press time, the coin is trading at $20.11, up 9.33% as compared to the same time last day.
What Will The Partnership Include?
The partnership’s initial focus will be on using Chainlink services, such as Proof of Reserve, Data Feeds, and Chainlink Cross-Chain Interoperability Protocol (CCIP), in projects with Turkish financial institutions that are subject to regulation.
By enhancing security, data connectivity, and asset usefulness for its clients, BTguru intends to include Chainlink into its digital asset solutions over the next few months, tackling significant issues in the tokenized asset market.
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BTguru to Drive Institutional Adoption of Tokenized Securities
BTguru has stated that although tokenized assets have many advantages, it’s crucial to realize that they need a number of extra services after they are issued onchain in order to be used efficiently in the onchain economy.
“As we expand our presence in the region, we are excited to see BTguru partner with Chainlink,” said David Fuchs, Business Development Head EMEA at Chainlink Labs.
They add, “As a market leader adopting Chainlink, BTguru is well positioned to help its customers unlock the full potential of tokenized assets. Chainlink will enable BTguru to not only meet the stringent compliance and security requirements for institutional-grade digital assets, but also foster innovation and trust in the growing tokenized asset economy.”
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BTguru to Inculcate High-Quality Offchain Data
The partnership will also see high-quality offchain data, which offers details about the asset’s condition or information required to complete a transaction, such as market pricing, reference data, and identification data, added to tokenized assets.
Furthermore, having access to a trustworthy proof of reserves mechanism aids users in managing a number of other risks, including market value, liquidity, duration, and liability, as well as defending against deliberate or unintentional over-issuance attacks.
Through the use of Chainlink, BTguru’s platform will assist in making sure assets satisfy these fundamental needs in addition to institutional security and compliance criteria.
$LINK Token: What do Parameters Say?
According to technical indicators, the Fear & Greed Index of LINK is currently displaying 63 (Greed). Over the previous 30 days, Chainlink saw 13 out of 30 (43%) green days and 11.46% price volatility.
With 14 technical analysis indicators indicating optimistic signals and 16 indicating bearish signs, the sentiment for the token is currently confusing.
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