Chainlink And ONDO Price Jumps As JP Morgan Settles First On Chain Transaction

The Chainlink and ONDO prices are up following JP Morgan’s announcement of its first transaction on a public blockchain. The financial gain teamed up with teams of both crypto giants to carry out this transaction, which involved a tokenized treasury.

Chainlink And ONDO Prices In The Green Amid JPMorgan’s Transaction

CoinMarketCap data shows that Chainlink and ONDO prices are up today following JPMorgan’s announcement of its first public blockchain transaction in partnership with the team behind both crypto assets.

The LINK Price has recovered from losses recorded yesterday and is up almost 1% in the last 24 hours, trading at around $16.86. Meanwhile, the ONDO price is up nearly 5%, surging above the $1 mark on the back of the announcement.

According to the Fortune Crypto report, JPMorgan settled a transaction on a public ledger for the first time with the help of crypto firms Chainlink and Ondo Finance. Both firms are among the top RWA projects, which explains the collaboration.

The report revealed that JPMorgan’s blockchain division, Kinexys, transferred money between two accounts on the private blockchain to settle the purchase of tokenized treasuries on Ondo’s public ledger. The financial giant used Chainlink’s communication protocol, which lets blockchains connect with external data.

Specifically, the network’s Runtime Environment powered the end-to-end transaction, which involved an exchange between Ondo Chain’s Short-Term US Government Treasuries Fund (OUSG) as the asset leg while Kinexys Digital Payments’ network served as the payment leg.

Commenting on this move, Chainlink’s co-founder Sergey Nazarov said,

 This is not just another POC. This is the beginning of something big.

LINK Price Primed For Big Moves

In an X post, crypto expert Kelly Kellam indicated that the Chainlink price is primed for big moves. He opined that LINK will flip every crypto asset except the Bitcoin price. He explained that nothing comes close to the altcoin because the Chainlink network is the infrastructure layer of the blockchain and crypto ecosystem that also bridges to web2 systems.

Expert Quinten also suggested that the LINK price is undervalued at its current level. 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.

Crypto analyst CW revealed that Binance’s top traders’ LINK long positions are continually increasing. Currently, the altcoin’s long position ratio on the top crypto exchange is 75.36%. This indicates that traders expect the altcoin to witness a price breakout soon.