Chainlink, announced a great partnership as they shook hands with SWIFT, with whom they jointly announced a plan that will allow the international banking cooperative to move cryptocurrencies to almost all blockchains.
According to Chainlink, this agreement will allow financial institutions to use blockchain technology without facing high upfront costs and design challenges as far as developers are concerned.
The upcoming plan will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a global standard for messaging, data and currency exchange first announced in August 2021.
A relationship… of love
Chainlink co-founder and CEO Sergey Nazarov noted that the project will “enable the communication and movement of cryptocurrencies between many different institutions”.
SWIFT’s chief strategy officer, Jonathan Ehrenfeld Solé, pointed out that this is not the first time Chainlink and SWIFT have worked together, as he said that about five years ago they worked on bond issuance and redemption.
Indeed, Solé stressed that this effort was “quite successful” and was “the first steps of [a] love story between Chainlink and SWIFT that continues today.”
This new initiative is a collaboration between two major players in their industry.
Chainlink is among the top 25 blockchains, with a market capitalization of $3.9 billion and is recognized as the leading oracle platform.
For its part, SWIFT is the leading global financial messaging network. It is connected to around 11,000 banks and manages more than five billion financial messages annually.