The partnership will make the Net Asset Value of Fidelity’s $6.9 billion Institutional Liquidity Fund accessible onchain in real time.
Chainlink has teamed up with Fidelity International and Sygnum to bring Net Asset Value (NAV) data onchain.
According to an announcement on July 3, the initiative will see the NAV of Fidelity’s $6.9 billion Institutional Liquidity Fund become accessible onchain in real time.
NAV is a financial metric used to determine the value of a fund’s assets minus its liabilities, divided by the number of shares outstanding. By bringing NAV data onchain, it becomes accessible in real-time, in contrast to traditional methods, which usually update mutual funds data after each trading day.