Chainlink and SWIFT have announced a proof-of-concept that will allow the international bank cooperative to transfer cryptocurrencies across almost all blockchains.
SWIFT could soon interact with blockchain assets.
In a press release, blockchain oracle network Chainlink revealed that a collaborative proof-of-concept would allow SWIFT to instruct token transfers across nearly every blockchain environment.
Chainlink added that this would allow financial institutions to become blockchain-capable without confronting high upfront costs and development challenges.
The upcoming proof-of-concept will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a global standard for cross-chain messaging, data, and token transfer that was first announced in August 2021.
Co-founder and CEO Sergey Nazarov provided further details at SmartCon 2022. He noted that the project will “enable the communications and movement of tokens between a number of different institutions.”
SWIFT Strategy Director Jonathan Ehrenfeld Solé noted that this is not the first time Chainlink and SWIFT have worked together. He said that approximately five years ago, Chainlink and SWIFT worked on another proof-of-concept concerning bond issuance and redemption.
Solé said that this effort was “quite successful” and was “the first steps of [a] love story between Chainlink and SWIFT which continues today.”
These initiatives represent a collaboration between two major players in their respective industries. Chainlink is a top 25 blockchain with a market cap of $3.9 billion. It is generally recognized as the leading blockchain oracle platform.
SWIFT, meanwhile, is the leading global financial messaging network. It is connected to about 11,000 banks and handles over five billion financial messages annually.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Join more than 100,000 subscribers
Don’t have an account? Create one
Already have an account? Sign In
Sign In
