SWIFT Partners with Chainlink to Bridge TradFi to Blockchains

At Web 3 event SmartCon 2022, Chainlink Chief Executive Officer Sergey Nazarov and SWIFT Strategy Head Jonathan Ehrenfeld Solé revealed a new collaboration.

SWIFT, a network for international payments and blockchain oracle network Chainlink aim to bring traditional finance closer with blockchains. Solé said among the motives for the initiative is the high institutional interest in cryptocurrencies. He mentioned that SWIFT and Chainlink first started working together around five or seven years ago and that Chainlink is one of the first startups that the organization bet on.

Due to the partnership, SWIFT is using Chainlink's Cross-Chain Interoperability Protocol in capital markets to enable cryptocurrency transfers. CCIP is the open source standard of Chainlink to allow devs to create secure cross-chains solutions. SWIFT is the largest network for fin. services worldwide. Around 11,000 member banks in 200 territories use the system.

Chainlink collects data from external sources and allows developers to leverage off-chain computations. The network’s native crypto LINK is the 21st largest crypto with a market cap of over $3.8 billion. In the last 7 days LINK is up by 13% and currently trades at around $7.