The price of Chainlink and ONDO rose as JPMorgan announced that it had settled its first public transaction with the two teams.
Chainlink and ONDO prices are rising after JP Morgan announced its first transaction on a public blockchain.
Financial Advantage worked closely with teams from both crypto giants to execute the transaction, which involved tokenized treasury.
Chainlink and ONDO prices in the green amid JPMorgan transaction
CoinMarketCap data shows that Chainlink and ONDO prices are rising today after JPMorgan announced its first public blockchain transaction in partnership with the team behind both crypto assets.
$LINK price has recovered from the losses recorded yesterday and is up about 1% in the last 24 hours, trading at around $16.86. Meanwhile, ONDO's price is up nearly 5%, above the $1 mark on the back of the announcement.
As Fortune Crypto reports, JPMorgan has settled transactions on a public ledger for the first time with the help of crypto firms Chainlink and Ondo Finance. Both firms are among RWA's top projects, which explains the collaboration.
The report revealed that Kinexys, JPMorgan's blockchain division, transferred funds between two accounts on a private blockchain to settle purchases of tokenized treasuries on Ondo's public ledger.
The financial company used Chainlink's communication protocol, which allows blockchains to connect to external data.
Specifically, the network's runtime environment powered end-to-end transactions, which included exchanges between Ondo Chain's Short-Term US Government Treasuries Fund (OUSG) as the asset leg while the Kinexys digital payments network acted as the payment leg.
Commenting on the initiative, Chainlink Co-Founder Sergey Nazarov said,
This is not just another POC. This is the start of something big.
LINK Price primed for big moves
In an X post, crypto expert Kelly Kellum indicated that Chainlink's price is primed for big moves. He opined that LINK will reverse the value of every crypto asset except Bitcoin.
He explained that nothing comes close to an altcoin because the Chainlink network is the infrastructure layer of the blockchain and crypto ecosystem that also connects web2 systems.
Expert Quentin also suggested that $LINK is undervalued at its current level. He remarked that with all of the network's institutional partnerships, it doesn't make sense why the market cap is lower than the XRP price.
Crypto analyst CW revealed that Binance's top traders' LINK long positions are steadily increasing.
Currently, the altcoin's long position ratio on top crypto exchanges is 75.36%. This indicates that traders expect the altcoin to witness a breakout in prices soon.
