Chainlink has introduced CustodySync, a new institutional solution that connects traditional custodians with DeFi lending markets while keeping assets secure.
The announcement marked another step towards bridging the gap between traditional financial institutions and decentralized lending platforms.
Chainlink named Anchorage as its official launch partner and the first qualified custodian to adopt CustodySync.
The solution could enable institutional users to utilize DeFi lending without moving their digital assets off the regulated custody.
The initiative aimed to cover lending platforms in the DeFi space with more than $80 billion worth of assets and about $700 billion worth of custodied digital assets.
More importantly, CustodySync was designed to synchronize custody and lending systems throughout a loan’s lifecycle.
This coordination could enhance the valuation of loans, help to decrease operating expenses, and prevent forced liquidations.
Chainlink also emphasized that institutional investors can connect with decentralized finance without compromising on existing custody safeguards.
Chainlink whales withdraw $10.7 million from exchanges
In addition to the announcement, significant LINK withdrawals emerged across a number of major cryptocurrency wallets.
In particular, seven whale wallets reportedly withdrew approximately $10.7 million worth of LINK from exchanges within 3.7 hours.
Such withdrawals may lead to a reduction in LINK’s immediate exchange supply, which could help ease selling pressure if the holders retain their tokens.
Here, it is also important to note that the transactions alone did not establish whether whales were planning to hold the tokens for extended periods of time.
Nonetheless, the activity provided another piece to the puzzle of Chainlink’s institutional growth story.
LINK nears $11 as bearish indicators deepen
On the daily timeframe chart, Chainlink [LINK] daily highlighted an extended retreat from its late-September peak around the $15.50 region, with sellers maintaining control. The token traded around $11.366 at press time, leaving the $11 support level within reach.
A continued price correction could expose the $9.50 level, where the structure identified another significant support area.
The RSI indicator fell to 35.58, below its moving average, highlighting weak buying strength, even though LINK was yet to enter the traditional oversold zone.
Further validating bearish conditions, the MACD line reached −0.405, below its signal line at −0.282. Nevertheless, defending $11 could encourage buyers to challenge $12.557, the nearest significant resistance.
Final Summary
- Chainlink launched CustodySync with Anchorage, expanding institutional access to DeFi lending markets.
- LINK’s bearish indicators threatened further losses, despite Chainlink’s latest institutional expansion.