SWIFT Works with Chainlink Labs to Develop Cross-chain Interoperability Protocol

BlockchainSWIFT Works with Chainlink Labs to Develop Cross-chain Interoperability...


Society for Worldwide Interbank Financial Telecommunication (SWIFT) has entered into a partnership with the Chainlink Labs Cross-Chain Interoperability Protocol (CCIP) to improve the efficiency of traditional finance (TradFi) on the blockchain.

Chainlink co-founder Sergey Nazarov announced this Wednesday at the SmartCon 2022 conference in New York City on Sept. 29.

SWIFT provides global businesses with one of the most robust financial information infrastructures, an interbank messaging system that allows cross-border payments.

The platform helps encode information so that members who register on its platform can easily understand it. The SWIFT system currently has more than 11,000 users in 200 countries.

To improve the gap between traditional and digital assets of TradFi institutions and allow more traditional financial (TradFi) participants to access a variety of digital and traditional assets on a network that can connect different types of asset classes, this partnership will enhance interoperability to benefit capital markets institutions.

CCIP will enable SWIFT messages to indicate on-chain token transfers, helping interbank networks to communicate across all blockchain environments.

Jonathan Ehrenfeld Solé, strategy director at SWIFT, said that one of the reasons for the success of the partnership with Chainlink on CCIP is the “undeniable interest” in cryptocurrencies from institutional investors.

Chainlink is a decentralized oracle network built on the Ethereum network, founded by CEO Sergey Nazarov.

The Chainlink network has made a name for itself by providing reliable tamper-proof data for complex smart contracts on any blockchain.

Built using the Ethereum ERC-20 standard, LINK is the native token of the Chainlink ecosystem. Node operators are paid in LINK for securing the network by staking the token. This incentivizes honesty and integrity among the nodes as penalties are incurred for dishonesty.

Image source: Shutterstock



Learn more

Latest news

80 Million XRP Moved in 3 Suspicious Transactions, Here’s Why

Arman Shirinyan Large transactions occur on network as selling pressure ascends Millions of XRP are being moved on the market...

LUNC Price Suddenly Jumps 11% as Billions of Tokens Are Burned

Terra Classic (LUNC) suddenly jumped nearly 13% on Dec. 2 as the community received the results of Binance's...

Former FTX US President Is Seeking Funds for Crypto Startup: Report

Former FTX US President Is Seeking Funds for Crypto Startup: Report Learn more

A top aide to Ukraine’s President Zelensky accuses BP of war profiteering with stake in Russian oil firm

A major energy company that pledged to sell its stake in Russia has yet to do so, and...

Using A Holistic Approach To Loyalty For Building Stronger And Sustainable Customer Connections

Jai Rawat is the cofounder & VP of Product Strategy at Zinrelo. A successful serial entrepreneur with over...

Must read

80 Million XRP Moved in 3 Suspicious Transactions, Here’s Why

Arman Shirinyan Large transactions occur on network as selling...

LUNC Price Suddenly Jumps 11% as Billions of Tokens Are Burned

Terra Classic (LUNC) suddenly jumped nearly 13% on...

You might also likeRELATED
Recommended to you