HomeAlt CoinsChainlink Partners With Bank Worth $670 Trillion, Sergey Nazarov Exclaims Progress in...

Chainlink Partners With Bank Worth $670 Trillion, Sergey Nazarov Exclaims Progress in SWIFT Project

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The decentralized oracle service Chainlink (LINK) is teaming up with lending giant Australia and New Zealand Banking Group (ANZ).

According to a press release from Chainlink, ANZ participated in a case study involving the oracle’s new Cross-Chain Interoperability Protocol (CCIP) technology.

The case study reportedly demonstrated that ANZ-issued stablecoins could be transferred cross-chain via CCIP to purchase nature-based assets.

In a paper released by Chainlink Labs in collaboration with ANZ, the authors say that CCIP could be what catalyzes the adoption of tokenized assets by institutions.

“The case study presented in this paper demonstrates that financial institutions can provide clients with secure access to a wide range of tokenized assets and digital asset services, even across different public and private blockchains. This can vastly simplify the user experience of interacting with digital assets while
providing financial institutions with a way to serve client demand without substantial modifications to their existing infrastructure…

Similar to how interoperability standards transformed the Internet and global banking, a cross-chain interoperability standard could accelerate the adoption of tokenized assets amongst financial institutions.”

In June, SWIFT announced it was testing blockchain interoperability with over a dozen financial institutions on the Chainlink network.

In a new interview on CNBC, Chainlink creator Sergey Nazarov says that the collaboration with SWIFT was going “very well.”

“All the key goals we wanted to achieve were achieved. We were able to use SWIFT messages, a widely used existing banking standard for initiating blockchain events through CCIP, the cross-chain interoperability protocol made by the Chainlink network.

We were also able to connect multiple private bank chains so that different banks on their respective chains could transact with each other from their chains. And we were able to connect those private bank chains to public chains so that those private banks could also transact with public chain contracts like DeFi (decentralized finance). And so all three of those goals were successfully proven.”

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Featured Image: Shutterstock/Terablete

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