Chainlink’s LINK Token Skyrockets 14% as SWIFT and Major Banks Embrace Web3 Integration

LINK Price Surges Amid Pioneering Tests in Tokenized Asset Transfer with SWIFT and Leading Financial Institutions

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The price of the LINK token, from the Web3 services platform Chainlink, has been on the rise over the past seven days, experiencing a 14% increase. At the time of writing this article, its price stands at $6.71.

Chainlink's LINK Token Skyrockets 14% as SWIFT and Major Banks Embrace Web3 Integration

In the last 24 hours, its value surged by 8%, securing its position as the 19th cryptocurrency by market capitalization according to CoinMarketCap. The highest price reached by the asset in the current session was $6.79.

The upward momentum of LINK can be attributed to its usage in new tests with SWIFT, one of the world’s major international payment platforms, along with several banking institutions.

Among the banks that participated in the tests were Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, and Lloyds Banking Group.

The concept behind these tests was to utilize the connection of various banks and the International Monetary Fund (IMF) with Swift and Chainlink for the transfer of tokenized assets across both public and private networks, as stated in a Chainlink announcement.

“Swift used Chainlink CCIP in the backend to facilitate secure cross-chain messaging and token transfers,” it mentioned.

CCIP stands for Chainlink Cross-Chain Interoperability Protocol, which is an interoperability protocol among networks that allows developers to securely and efficiently transfer tokens and data between different blockchains. It relies on Chainlink’s oracle network to provide security and reliability.

Test participants believe that CCIP could serve as a “universal gateway for interacting with blockchains for both new and existing backend systems,” the text further explains.

Australia and New Zealand Banking Group Limited reported that it recently collaborated with Chainlink to complete a test transaction simulating the purchase of a tokenized real-world asset and a stablecoin denominated in New Zealand dollars issued by the bank.

The tokenization of real-world assets is on the rise. A recent report indicated that the value of such assets on cryptocurrency networks has surpassed the $3 billion mark, representing a 13% increase compared to the previous all-time high of $2.75 billion established in April 2022.

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