Swift and Chainlink Test Blockchain Interoperability Protocol
In a recent press release, Swift, the renowned interbank communication network, and Chainlink, a prominent blockchain oracle provider, have unveiled their collaborative project involving several significant financial institutions. Their goal is to explore the possibilities of connecting with multiple blockchain networks.
On this page
As part of an innovative experiment, Swift is teaming up with traditional financial powerhouses such as BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, and the Australia and New Zealand Banking Group Limited (ANZ).
The objective is to investigate how these entities can use Swift's infrastructure to direct the transfer of tokenized assets across various blockchain networks.
In this venture, Chainlink will play a crucial role by facilitating connectivity across both public and private blockchains. This alliance between Swift and Chainlink was first announced in the previous year during Chainlink's annual conference, SmartCon.
There is a growing consensus in the capital markets that blockchain technology can introduce efficiencies, reduce costs, and streamline settlement processes. This could potentially make private markets more appealing to investors, thereby boosting liquidity, as Swift indicated in its announcement.
Chainlink's co-founder, Sergey Nazarov, believes this partnership is a significant stride for not just the participating financial institutions but also for the crypto industry. “Banks control the majority of the world's capital, and the growth of our industry past the single-digit trillions necessitates their involvement. It'll likely be the banks and their clients that propel the blockchain industry beyond the $10 trillion mark,” said Nazarov.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
