Decentralized oracle network Chainlink has tied up with crypto bank Sygnum and asset manager Fidelity. Together, they intend to work on a project that revolves around getting NAV [Net Asset Value] data on-chain.

According to a statement released on Wednesday, the partnership will help bolster transparency and accessibility of NAV data with respect to tokenized assets. Specifically, Fidelity’s $6.9 billion Institutional Liquidity Fund can be viewed by users on-chain.

To be more clear cut, data pertaining to Sygnum’s novel on-chain representation of Matter Labs’ $50 million treasury reserves held in Fidelity's fund can now be accessed by clients.

Chainlink’s technology will help foster storage and automated synchronization of NAV data for these tokens on the ZKsync blockchain, which in turn, is a member of Chainlink’s SCALE initiative.

According to Chainlink’s co-founder Sergey Nazarov,

“Fund tokenization is likely the largest digital asset trend happening today, and it is a large confirmation that global asset management firms are entering this growing market.”

He further chalked out that the global reach and efficiency of tokenized funds outweigh that of the traditional methods and will over time become “the way the entire asset management industry operates.”

Chainlink’s chain-agnostic approach will help distribute data hassle-free across different blockchain networks and off-chain systems.

A couple of months back, the Depository Trust and Clearing Corporation and Chainlink wrapped up their pilot program - Smart NAV. Market participants included prominent institutions like JPMorgan, Invesco, and BNY Mellon. The program delved into standardization methods of the distribution of NAV data across different blockchain networks.

Chainlink’s adoption hasn’t halted even amid the choppy market conditions. Over the past week, over twelve integrations of its services took place across eight chains including Avalanche, Arbitrum, Ethereum, Polygon, and Base.