Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which went into effect in July, had triggered a double-digit rally at the time. In a hot development, interbank messaging system Swift has started using CCIP for the first time. Altcoin hunters are now looking for opportunities for a second rally.
Swift started using Chainlink!
In June, Swift announced that it would collaborate with Chainlink and financial institutions to test connected blockchains. According to a hot development, the duo managed to transfer tokenized assets between Blockchains in recent experiments. These included private and public networks.
cryptocoin.com As we reported, news about CCIP had previously been effective in terms of price. Some analysts see this feature of Chainlink as a “historic opportunity”.
#Chainlink at $6-9 is an opportunity of a lifetime. https://t.co/kZYPWUTyPK
— Michaël van de Poppe (@CryptoMichNL) July 17, 2023
In June, Chainlink and Swift announced they would collaborate with dozens of financial institutions to test how they could connect to multiple blockchain networks. Among them were giants such as BNP-Paribas, BNY-Mellon and The Depository Trust & Clearing Corporation. Lloyds Banking Group and others also collaborated with Swift on experiments.
Tokenization is gaining importance
Financial institutions around the world are increasingly experimenting with asset tokenization in an attempt to improve markets. A recent report from the Hong Kong Monetary Authority said tokenization could help increase efficiency and transparency in bond markets. Tom Zschach, Swift’s chief innovation officer, said in a press release:
For tokenization to reach its potential, institutions will need to be able to connect seamlessly with the entire financial ecosystem. Our experiments clearly demonstrated that existing secure and reliable Swift infrastructure can provide this central connection point, removing a major hurdle in development.
Swift used Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect to different blockchains. Chainlink’s CCIP, designed to help build cross-chain applications and services, went live in July.
