Chainlink sees price increase of 20% after recognition by Bank of America

In a recent, unexpected twist in the cryptocurrency world, Chainlink (LINK) has seen an impressive 20% price increase. This remarkable increase has caught the attention of both investors and financial institutions. One of the most prominent recognitions comes from Bank of America, the second largest bank in the United States.

The Bank of America, the second largest banking institution in the United States, recently launched a report published identifying Chainlink (LINK) as a critical technology for the future of the financial industry. The bank envisages a future scenario in which traditional assets are fully digitized and integrated into blockchain technology. At the same time, there is also a significant growth in the number of addresses on the network, as evidenced by the on-chain data provided by Glassnode.

Growth and adoption of Chainlink

Thus, while traditional financial institutions, including banks, have typically been skeptical of cryptocurrencies in the past, the Bank of America’s recent report shows a notable change in attitude, something that was also reflected by the official Chainlink account at Twitter. The bank envisions a future in which digitization and tokenization of assets will become common practice. It is evident that some assets, such as real estate or precious metals such as gold and silver, retain a physical form.

Chainlink, a so-called Oracle network, responds to a crucial need within the transition to digital transformation of traditional financial resources. This project enables the transition from off-chain assets, i.e. assets that are not on the blockchain, to on-chain via validators. This allows blockchains to access information from the “real” world. This technology represents an important step in the implementation of Central Bank Digital Currencies (CBDC) and other forms of programmable payments for banks.

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More than 2.7 million addresses on the Chainlink network

Consistent with Bank of America’s vision of a fully on-chain future, the Chainlink network continues to grow. The on-chain data, as shown in Figure 1, shows a steady increase in the number of addresses on the network. At the moment, the network has more than 2.7 million wallets.

What is striking is the acceleration of this growth from the beginning of June. This points to increased adoption of the Chainlink network. Currently, this trend continues with an increase of more than 100,000 new addresses per month, indicating that the network has entered an acceleration phase of adoption and growth.

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