Chainlink, SWIFT collaborate to bring transactions across blockchain
The entire crypto industry has been focused on the volatility that has hit the market. The bear invasion forced several projects to explore the development side of things and steer clear of the value aspect. Chain link [LINK] seemed to be doing just that with its latest line of collaborations. After partnering with Galaxy Digital earlier this week, the network has announced its latest union with SWIFT.
In a recent tweet, Chainlink revealed that it would now work with the SWIFT interbank messaging system. Through this, the network intends to allow transfers across multiple blockchains.
Cross Chain Interoperability Protocol [CCIP] would use proof-of-concept [POC] for the same. The project is expected to fill the gap between digital and traditional assets for traditional financial institutions.
Chainlink co-founder Sergey Nazarov made this announcement at the SmartCon 2022 conference in New York. SWIFT Strategy Director Jonathan Ehrenfeld Solé who was also present pointed out “Undeniable interest from institutional investors in digital assets.”
According to Chainlink’s co-founder, POC will accelerate the adoption of distributed ledger technology blockchains in capital markets and traditional finance because it uses Chainlink’s CCIP, which enables SWIFT messages to perform token transfers across almost any blockchain network.
Interoperability has certainly taken first place. A number of networks have worked tirelessly to include the same. However, this is not limited to crypto alone. Several traditional financial investors entering the crypto industry have been looking for the same thing. In addition to this, Chainlink also revealed that the stake rewards would go live in December.
Chainlink price is falling despite the latest partnerships
Chainlink’s original asset LINK did not seem to extend its bullish opinion. At least not enough to reach $9. The altcoin managed to rise by almost 15 percent over the past couple of days. Despite this, LINK’s rally was cut to $8.49.
At press time, the asset was trading at $7.77 with a daily drop of 3.17 percent.
This came as a surprise to many, as the rest of the assets in the market took gains.
