Chainlink (LINK), currently the 14th largest cryptocurrency by market capitalization, emerges as Monday's best performer among the large caps.
Chainlink (LINK), currently the 14th largest cryptocurrency by market capitalization, emerges as Monday's best performer among the large caps. The surge in LINK's price can be attributed to the excitement among LINK holders and supporters regarding Chainlink's co-presentation with international payments platform Swift at the Consensys conference in Austin, Texas this week.
LINK surged over 10% and reached an intraday high of $18.82 on May 27. It is currently trading at $18.47 at the time of writing. LINK serves as the native token of Chainlink, an Ethereum-based oracle project that facilitates secure data transfer in and out of blockchains and between different chains. Chainlink's collaboration with Swift, which commenced last fall, demonstrates the merging of existing financial infrastructure with the world of blockchain technology, according to Chainlink.
Furthermore, Sergey Nazarov, co-founder of the Chainlink project, expressed optimism not only for Ethereum but for all digital assets following the historic approval of Ethereum exchange-traded funds (ETFs) over the weekend. Nazarov believes this approval marks just the beginning and anticipates a trajectory where multiple tokens will have their own ETFs, allowing global capital markets to interact with these financial products.
Chainlink has been gaining momentum recently, highlighting its progress across nine different blockchains, including Ethereum, Arbitrum, Polygon, and Base. Additionally, earlier this month, the largest U.S. settlement and clearing house, DTCC, announced a successful tokenization pilot in collaboration with Chainlink, JP Morgan, and BNY Mellon, leveraging Chainlink's cross-chain interoperability protocol.
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