Chainlink will allow the SWIFT network to transfer cryptocurrencies – CryptoActu

Major breakthroughs in the cryptocurrency industry are measured by their ability to increase adoption. And this also happens through make this digital economy interoperable with its traditional versione. A merger that is not necessarily to everyone’s taste, but whose momentum has been accelerating for some time and despite the bear market. With the latest major advance, an ongoing partnership between the project Chain link (LINK) and the SWIFT interbank network. A collaboration initiated within the framework ofa future integration of cryptocurrencies.

The Chainlink project is the undisputed leader of oracles in the cryptocurrency sector. A necessity in order to provide reliable units of measurement, such as their price in real time, within blockchain historically closed to the outside world. And a central position that makes it the best partner to cross a new frontier? That is, the one who separates this digital economy from its self-proclaimed “real” version.

Because it is his services that the leader in SWIFT interbank networks requested. A partnership which is however not a first, because already 5 years ago these two behemoths of their sectors had combined their skills in order to work on another proof of concept regarding the issuance and redemption of bonds. A “fairly successful” operation, according to SWIFT’s strategy director, Jonathan Ehrenfeld Solé. And in any case enough to put the cover back…

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Chainlink + SWIFT = cryptocurrency integration

This time the ambition displayed by Chainlink and SWIFT is also to develop a proof of concept. But in the present case it is more precisely a question of “allowing the communication and the movement of tokens between a certain number of different institutions”. In any case, this is the summary presented by Sergey Nazarov, co-founder of the Chainlink project, during the event SmartCon 2022 organized by him in New York over the last two days (September 28 and 29).

With at the center of this dynamic, its CCIP protocol developed since 2021 in order to define a global standard for on-chain data and cryptocurrency transfer. That is to say, in a way, the equivalent of the SWIFT interbank network for blockchain technology. But this time with the objective of getting out of the crypto zone to bring this functionality into the traditional economy.

SWIFT is using the Cross-Chain Interoperability Protocol (CCIP) in an early proof of concept. CCIP will enable SWIFT messages to order on-chain token transfers, helping the SWIFT network become interoperable across all blockchain environments. »

chain link

And the project is ambitious, because it is about allow the SWIFT network to transfer cryptocurrencies on different blockchains. This, initially, for the service of institutional clients. Because, according to Jonathan Ehrenfeld Soléthe pressure of the latter is always greater in order to access this type of investment, while remaining warm in their traditional banks.

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The SWIFT network should therefore soon become able to order cryptocurrency transfers in almost any blockchain environment. This is to allow financial institutions to become compatible with this ecosystem “without facing high upfront costs and development challenges,” in the words of the Chainlink project. And there is no doubt that there is something revolutionary about all this…

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Chainlink will allow the SWIFT network to transfer cryptocurrencies – CryptoActu


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