Big Names Team Up to Bring Stock Market Data to Blockchain

FTSE Russell, a big name in the world of financial indexes, has teamed up with Chainlink to bring some serious stock market data to the blockchain. This isn't just any data; we're talking about the Russell 1000, Russell 2000, and Russell 3000 indexes, plus the FTSE 100 and some digital asset benchmarks. This move is a big deal because it shows how blockchain technology is becoming a go-to for delivering top-notch market data. The data will be available across multiple blockchains through DataLink, a service powered by Chainlink's oracle network. The Russell indexes are no small potatoes. They're widely used as benchmarks for US small- and mid-cap stocks, with over $18 trillion in assets tracking them globally. Fiona Bassett, CEO of FTSE Russell, said this is all part of their plan to innovate around tokenized assets and exchange-traded funds. This isn't FTSE Russell's first rodeo in the digital asset world. Earlier this year, they introduced a series of digital asset indexes through a partnership with SonarX. And in 2023, they teamed up with Grayscale to launch five indexes that categorize the cryptocurrency market by sectors. But FTSE Russell isn't the only one diving into blockchain technology. Big financial institutions are starting to explore blockchain for things like tokenization, settlement, and stablecoin integration. JPMorgan, for example, has expanded its tokenization efforts through its private Kinexys blockchain, bringing private equity funds onchain. Goldman Sachs and BNY Mellon have also jumped on the bandwagon, offering tokenized money market funds for clients. These funds feature round-the-clock settlement and onchain ownership tracking. In April, Citigroup noted that the growing interest in blockchain is partly due to a clearer regulatory environment, especially regarding stablecoins. They said that regulatory clarity in the US could enable greater integration of stablecoins and blockchain into the existing financial system.