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News

SWIFT Partners With Chainlink On A Cross-chain Interoperability Protocol

September 29, 2022 - Around 2 mins mins to read
System of interbank messaging SWIFT has collaborated with pricing oracle provider Chainlink (LINK) on a proof-of-concept (POC) project that would enable traditional financial businesses to interact over blockchain networks.
SWIFT Partners With Chainlink On A Cross-chain Interoperability Protocol

Chainlink co-founder Sergey Nazarov launched the initiative alongside SWIFT strategic director Jonathan Ehrenfeld Solé on September 28 at the SmartCon 2022 Conference in New York.

Solé stated at the conference that there is unmistakable demand from institutional investors in digital assets, adding that these conventional financial players want access to both digital and traditional assets on a single platform.

The POC makes use of Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which allows SWIFT messages to instruct token transfers across nearly every blockchain network, which Nazarov believes will accelerate the adoption of distributed ledger technology (DLT) blockchains in capital markets and traditional finance.

SWIFT Partners With Chainlink On A Cross-chain Interoperability Protocol

Transactions on the SWIFT network can take several days to complete, and the corporation has been researching blockchain and distributed ledger technology as well as central bank digital currencies (CBDCs) to promote speedier payments.

This partnership with SWIFT, according to Chainlink, allows financial institutions to achieve blockchain capacity without replacing, creating, and integrating new connectivity into old systems, which would need significant adjustments at an unusually high cost.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

CBDC

CCIP

Chainlink

DLT

PoC

SWIFT

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

SWIFT Partners With Chainlink On A Cross-chain Interoperability Protocol

System of interbank messaging SWIFT has collaborated with pricing oracle provider Chainlink (LINK) on a proof-of-concept (POC) project that would enable traditional financial businesses to interact over blockchain networks.
SWIFT Partners With Chainlink On A Cross-chain Interoperability Protocol

Chainlink co-founder Sergey Nazarov launched the initiative alongside SWIFT strategic director Jonathan Ehrenfeld Solé on September 28 at the SmartCon 2022 Conference in New York.

Solé stated at the conference that there is unmistakable demand from institutional investors in digital assets, adding that these conventional financial players want access to both digital and traditional assets on a single platform.

The POC makes use of Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which allows SWIFT messages to instruct token transfers across nearly every blockchain network, which Nazarov believes will accelerate the adoption of distributed ledger technology (DLT) blockchains in capital markets and traditional finance.

SWIFT Partners With Chainlink On A Cross-chain Interoperability Protocol

Transactions on the SWIFT network can take several days to complete, and the corporation has been researching blockchain and distributed ledger technology as well as central bank digital currencies (CBDCs) to promote speedier payments.

This partnership with SWIFT, according to Chainlink, allows financial institutions to achieve blockchain capacity without replacing, creating, and integrating new connectivity into old systems, which would need significant adjustments at an unusually high cost.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News