While the tokenization of traditional financial assets is being talked about more and more, Bank of America said in its latest report that Oracle networks will play a very important role in tokenization.
At this point, BoF examined how Chainlink could play an important role in the tokenization of traditional financial assets, which is in demand as it facilitates fast transfer of funds and data between different blockchain platforms.
“Oracle networks like Chainlink are essential for new types of digital platforms and technologies such as tokenization of traditional assets.
Blockchains and decentralized platforms rely on Oracle networks to access real-world information.
At this point, it is predicted that in the next 5 to 10 years, financial companies will maximize their adoption levels in Blockchain technology using the tokenization of traditional assets.
With this technology, companies can see benefits such as reducing credit risk and reducing costs.”
The report also noted that companies generate revenue by providing data to decentralized oracles such as Chainlink.
“The Bank of America report explores the future of asset tokenization and highlights Chainlink's role in empowering on-chain financing,” Chainlink wrote on Twitter.
"We view oracle networks as critical for next-generation DLT/BCT use cases like the tokenization of traditional assets."
This new @BankofAmerica report explores the future of asset tokenization & highlights #Chainlink's role in powering on-chain finance: https://t.co/YVkmY1jMU9 pic.twitter.com/H5Ws9VGUq3
— Chainlink (@chainlink) July 16, 2023
In addition, 1.6 million LINK worth approximately $10 million were transferred from an unknown wallet, first to FalconX and then to Binance.
🚨 1,600,000 #LINK (10,674,643 USD) transferred from #FalconX to #Binancehttps://t.co/en2pA3fUhH
— Whale Alert (@whale_alert) July 17, 2023
It is not known who these LINKs belong to, but there were news that Celsius, which went bankrupt in the morning, would convert its altcoins into Bitcoin and Ethereum.
It is considered that these transfers may also belong to Celsius and the transfer is made for sale.
*Not investment advice.
