Chainlink will enable the SWIFT network to transfer cryptos
Bitcoin and altcoins

Chainlink will enable the SWIFT network to transfer cryptos

The interbank messaging system SWIFT will work with Chainlink to enable financial firms to transact on different blockchains.

Chainlink is an ecosystem based on the Ethereum blockchain, a well-known data exchange protocol in the cryptocurrency world that allows information to be stored and transmitted securely and without a controlling body. The technology on which Chainlink is based consists of a network of oracles that aim to bring reliable data feeding the chain into smart contracts.

Chainlink and SWIFT: To accelerate the adoption of blockchain

According to their statement, this collaboration will bridge the gap between traditional finance and digital assets.

In fact, the Swiss interbank messaging system SWIFT will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to be able to transfer digital assets across multiple blockchains.

As a result, the SWIFT network should soon become capable of ordering crypto transfers across almost any blockchain environment. This is to enable financial institutions to become compatible with this ecosystem “without facing high upfront costs and development challenges,” in the words of the Chainlink project.

According to Sergey Nazarov, this collaboration should ultimately accelerate the adoption of distributed ledger blockchain (DLT) technology in the capital markets and more broadly for traditional finance.

SWIFT’s interest in blockchain is not new, however: last May, the network partnered with French consulting firm Capgemini to test payments in central bank digital currencies (CBDC).

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at Trendingcrypto.news magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

Join the discussion

  1. Pingback: Chainlink opens the Gates of Blockchain Interoperability - Trending Crypto News

  2. Pingback: CoinFund Unveils $158M Fund Focused on AI and Crypto - Trending Crypto News

  3. Pingback: CoinFund Unveils $158M Fund Focused on AI and Crypto – CryptoBitcoins News

  4. Pingback: Chainlink opens the Gates of Blockchain Interoperability – CryptoBitcoins News

Leave a Reply

Your email address will not be published.

back to top