SWIFT, Chainlink announce cross-chain interoperability partnership

Interbank messaging system SWIFT has partnered with crypto data provider Chainlink for an initial proof of concept to use cross-chain interoperability protocol (CCIP) for on-chain token transfers, Sergey Nazarov, Chainlink’s cofounder announced at the SmartCon 2022 conference on Wednesday. 

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Fast facts

• The CCIP will enable communications and movement of tokens between institutions and help accelerate blockchain adoption in capital markets, Nazarov said.
• More than 11,000 banks and financial institutions are connected to the SWIFT network.

• The two had previously worked together to explore bond issuance and redemption, according to Jonathan Ehrenfeld Solé, Strategy Director at SWIFT, who was in a panel with Nazarov at the conference. 

• SWIFT recorded an average of 44.8 million financial information messages per day as of August 2022, according to the member-owned cooperative’s website. 

• Chainlink’s LINK token was down over 8% in the past 24 hours to trade at US$7.75 at 10 pm Hong Kong time on Thursday, according to coinmarketcap.com. 

See related article: Chainlink among top crypto performers in October—Fintech Advisory Services report