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Matrixdock Integrates Chainlink’s Proof of Reserve to Enhance Transparency and Security for Tokenized Assets

26 July 2023
in Latest News, News
Reading Time: 3 mins read
103 8
Home News Latest News

Matrixdock, a digital assets platform owned by Matrixport, has successfully integrated Chainlink Proof of Reserve (PoR) on the Ethereum mainnet in a move to improve transparency for its Tokenized Treasury Bill (T-Bill) offering. 

Matrixdock’s adoption of the Chainlink PoR enables stakeholders to closely monitor reserves and confirm that the U.S. Treasury securities fully back the platform’s tokenized T-Bills. The Chainlink PoR ensures transparent on-chain visibility and enables every user to autonomously confirm the collateralization of assets. 

Also, the seamless integration of Chainlink’s automated on-chain verification and secure mint function enables Matrixdock to expedite tokenization projects significantly. This integration is also expected to prove the security of the platform’s tokenized assets and thus facilitate its faster market entry.

According to its press release, Matrixdock’s latest integration supports its flagship token product: Short-term Treasury Bills or “STBT.” The STBT token allows stablecoin holders to gain exposure to U.S. Treasury securities set to mature within six months, along with reverse repurchase agreements backed by these same U.S. Treasury securities.

Cynthia Wu, Chief Operating Officer, Matrixport, expressed her enthusiasm regarding the successful integration, attributing it to their collaboration with Chainlink Labs. She highlighted how the integration effectively addresses transparency concerns related to validating off-chain assets through on-chain tokenization.

Wu stated:

“We are thrilled to work alongside Chainlink for this market-leading real world asset tokenization PoR. Real world asset tokenization is expected to become a major theme for the digital assets ecosystem in the coming years, adding tens of trillions of dollars to the market.”

Mark Scrine, the Business Lead for Proof of Reserve at Chainlink Labs, noted Matrixdock’s integration of Proof of Reserve is a pivotal catalyst for technology’s advancement. According to Scrine, Proof of Reserve offers autonomous and dependable asset monitoring and leveraging on the robust infrastructure of Chain Link.

Scrine added:

“We look forward to continuing to explore potential use cases with Matrixport and help our industry develop in a secure and efficient manner.”

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: Chainlink PoRMatrixdockTokenized Treasury Bill
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Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

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