Coindesk | Aoyon Ashraf | Sep 28, 2022
SWIFT, the interbank messaging system that allows for cross-border payments, is working with Chainlink, a provider of price feeds and other data to blockchains, on a cross-chain interoperability protocol (CCIP) in an initial proof-of-concept.
- CCIP will enable SWIFT messages to instruct on-chain token transfers, helping the interbank network to be able to communicate across all blockchain environments.
- The partnership between Chainlink and SWIFT in cross-chain interoperability will help bridge the gap between traditional and digital assets for TradFi institutions, he added. Chainlink’s native token is LINK.
- This will help accelerate the adoption of distributed ledger technology (DLT) blockchains and benefit various institutions across capital markets, Chainlink co-founder Sergey Nazarov said at the SmartCon 2022 conference in New York City on Wednesday.
See: SWIFT to trial trade finance anti-fraud blockchain MonetaGo
SWIFT’s Strategy Director Jonathan Ehrenfeld Solé:
One of the reasons working with Chainlink on CCIP has been successful is that there is “undeniable interest” in crypto from institutional investors. Traditional finance (TradFi) players want access to various digital and traditional assets on one network that can connect different types of asset classes.
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