Chainlink and ONDO prices surge after JP Morgan settles its first public transaction in partnership with both projects.
JP Morgan’s announcement of its initial transaction on a public blockchain has increased the pricing of Chainlink and ONDO. The financial gain collaborated with the teams of both crypto titans to execute this transaction, which involved a tokenized treasury.
Amid JP Morgan’s transaction, Chainlink and ONDO prices are in the green.
The prices of Chainlink and ONDO have increased today due to JP Morgan’s announcement of its first public blockchain transaction in collaboration with the team responsible for both crypto assets, according to CoinMarketCap data.
The LINK Price has rebounded from the losses it suffered yesterday and is trading at approximately $16.86, representing a nearly 1% increase in the past 24 hours. In the interim, the ONDO price has increased by almost 5%, surpassing the $1 threshold due to the announcement.
For the first time, JPMorgan has resolved a transaction on a public ledger with the assistance of crypto firms Chainlink and Ondo Finance, as per the Fortune Crypto report. The collaboration is elucidated by the fact that both firms are involved in some of the most prominent RWA initiatives.
The report disclosed that Kinexys, JPMorgan’s blockchain division, transferred funds between two accounts on the private blockchain to resolve the purchase of tokenized treasuries on Ondo’s public ledger. The financial giant employed Chainlink’s communication protocol, enabling blockchains to connect with external data.
Specifically, the end-to-end transaction was enabled by the network’s Runtime Environment, which involved an exchange between Ondo Chain’s Short-Term US Government Treasuries Fund (OUSG) as the asset leg and Kinexys Digital Payments’ network as the payment leg.
Commenting on this development, Sergey Nazarov, Chainlink’s co-founder, stated,
This is not just another POC. This is the beginning of something big.
LINK Priced for Major Transactions
In an X post, a crypto expert, Kelly Kellam, stated that the Chainlink price is poised for significant fluctuations. He believed that LINK would reverse the price of all crypto assets except for Bitcoin. He clarified that the altcoin is unparalleled because the Chainlink network is the infrastructure layer of the blockchain and crypto ecosystem and a connection to web2 systems.
Additionally, Quinten, an expert, proposed that the current price of LINK is undervalued. He remarked that it makes no sense why the altcoin is lower in market cap than the XRP price, with all the network’s institutional partnerships.
According to crypto analyst CW, the LINK long positions of Binance’s best traders are consistently increasing. The altcoin’s long position ratio on the leading crypto exchange is 75.36%. This suggests that traders anticipate a price breakout for the altcoin soon.
