SBI Group, one of Japan's largest financial institutions, has partnered with Chainlink to promote tokenized finance in the country. The partnership focuses on the use of digital assets and various financial applications.
Partnership of SBI Group and Chainlink
SBI Group, managing assets worth over $200 billion, has entered into an agreement with Chainlink to expand the usage of digital assets in Japan. The partnership will focus on tokenized real-world assets such as real estate and bonds, utilizing the Cross-Chain Interoperability Protocol to enable asset interoperability across different blockchains. Chainlink will also assist in proof-of-reserves audits for regulated stablecoins.
Expanding Cross-Border Transactions
A significant part of the collaboration will be the development of payment-versus-payment systems, supporting compliant foreign exchange and cross-border transactions. A recent report from SBI Digital Asset Holdings indicated that around 76% of banks and financial firms intend to invest in tokenized assets, with reduced costs and faster settlements being the main drivers.
LINK Market Reaction to Partnership
Following the announcement, Chainlink's token, LINK, briefly rose to $26.3 before retreating to $24.50. Analysts observed that the asset is trading within an ascending triangle pattern, potentially indicating bullish momentum. A close above a strong resistance level at $27 would suggest strong momentum, though this pattern still requires confirmation.
There is a significant interest in tokenized products in Japan, and the partnership between SBI Group and Chainlink, amidst hopes for a stablecoin, may have a substantial impact on the country's financial infrastructure.
