Interbank System SWIFT partners with LINK
SWIFT is a messaging and payment system which is used by the world banks in order to communicate and process transactions. It has been in place for many years, and is one of the absolute pillars of the global banking system. Recently, you may have heard of countries threatening to ban Russia from SWIFT, which would isolate the Russian banks from making transactions. Its safe to say that the system is a very influential part of the banking world.
Today we seen that there has been a partnership with Chainlink (LINK) to build a cross chain interoperability protocol (CCIP). This is basically a way for various blockchains to communicate with one another, despite being built on different systems.
This will help accelerate the adoption of distributed ledger technology (DLT) blockchains and benefit various institutions across capital markets, Chainlink co-founder Nazarov said at the SmartCon 2022 conference in NYC.
According to the strategy director of SWIFT Jonathon Sole, one of the main reasons they are working with Chainlink, is due to the “undeniable interest” in crypto and blockchain from institutional investors. It is clear that the large players in the traditional finance markets are demanding access to digital assets. We also know that they are looking for a singular network which can connect various other networks, for ease.
This in our view, has went very under the radar but is huge news for the crypto and blockchain community. The more we see the line between the TradFi and Crypto world blurred and merged, the better and faster we will see mass adoption.