In March digital asset bank Sygnum invested $50 million in Fidelity International’s Institutional Liquidity Fund and created a security token representing that amount. The tokenization was on behalf of client Matter Labs, the founder of ZkSync, that wanted to invest some of its treasury funds in the Fidelity fund and have a tokenized representation on the ZkSync chain. Now, Chainlink announced it is providing net asset value (NAV) data on chain.
While Chainlink notes it provides real time transparency, fund valuations are often updated infrequently. However, the data will be available on-chain immediately. What Chainlink also provides is extra security around the on-chain data feed.
Tokenized money market funds appeal to blockchain native firms as a safe, high yield place to park money, while keeping the funds on chain. However, this use case only scratches the surface of the potential benefits.
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