Matrixdock integrates Chainlink PoR to enhance on-chain transparency

2023-7-26 11:11

Digital assets platform Matrixdock has successfully integrated the Chainlink Proof of Reserve on Ethereum (ETH) mainnet to bolster the transparency of its Tokenized Treasury Bill offering. The Matrixport-owned platform allows access to real-world assets via tokenization.

Empowering Matrixdock stakeholders with Chainlink PoR

The collaboration supports Matrixdocks leading Short-term Treasury Bill Token (STBT), which permits stablecoin holders to interact with US Treasury securities and reverse repurchase collateralized agreements.

Meanwhile, Chainlink Proof of Reserve empowers Matrixdock shareholders to watch reserves. That helps the firm’s T-BILL offering attain sufficient US Treasury securities backing.

Matrixport COO Cynthia Wu expressed her joy in working alongside Chainlink. She added that real-world asset tokenization might revolutionize the digital asset industry in the upcoming years, becoming a trillion-dollar market. She said,

“Real-world asset tokenization will greatly enrich the scale and variety of assets available on-chain as our industry matures.”

Cynthia added that collaborating with Chainlink solves transparency issues when validating of-chain assets using its on-chain representation.

Enhancing tokenized asset security

Chainlink PoR allows users to verify asset collateralization independently, as it ensures on-chain visibility. Moreover, Matrixdock will enhance tokenized asset security and amplify speed for tokenization projects by capitalizing on Chainlink’s safe mint function and automated verifications.

Chainlink Labs’ Mark Scrine stated that Matrixdock’s PoR integration is crucial in technology innovation. Proof of Reserve depends on Chainlink’s tested infrastructure to ensure reliable and autonomous asset monitoring.

Markets & Markets report suggest that the tokenization market will grow substantially from 2021’s $2.3 billion to $5.6 billion by 2026 – indicating a 19% yearly average growth.

Moreover, some experts assert that tokenized assets will hit a trillion-dollar cap by 2030. Surging adoption of cryptocurrency in industries like retail, fashion, music, and film support this potential growth. For instance, players expect NFTs to be a $231 billion market by 2030.

The post Matrixdock integrates Chainlink PoR to enhance on-chain transparency appeared first on Invezz.

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