SWIFT and Chainlink Partners to Build a Cross-Chain Crypto Transfer Project

October 1, 2022

MCP News Free

SWIFT and Chainlink Partners to Build a Cross-Chain Crypto Transfer Project

Earlier this week, SWIFT, the world’s largest interbank payments system disclosed its partnership with Chainlink, a crypto data provider to build a Proof-of-concept project focused on enabling Traditional finance firms to transact across blockchain networks.

In a statement by Chainlink co-founder Sergey Nazarov at the SmartCon 2022 conference in New York City on Wednesday, Nazarov noted that the partnership will improve the adoption of distributed ledger technology (DLT) blockchains while several other institutions across the capital market will benefit from it.

Cross-Chain Interoperability Protocol of Chainlink enables token transfer across different blockchains along with the development of cross-chains applications, this will as well assist interbank networks to communicate information across all blockchains.

Also, Jonathan Ehrenfeld Solé, SWIFT strategy director added that there’s “undeniable interest” from institutional investors in crypto.

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Bridging the Gap Between TradFi and DeFi

As crypto interest continues to grow among institutional investors, financial players are working on bridging the gap between traditional finance and decentralized finance.

According to Solé, players from TradFi are looking for a way to get access to digital currencies and traditional currencies through a single network that can link different types of assets.

The recent SWIFT Chainlink partnership will is aimed at facilitating cross-chain interoperability and will bridge the gap between TradFi and DeFi, meanwhile, in recent months, the rate of demand for interoperability between multiple chains has shot up, this partnership could however, be the biggest recent development in financial markets to close the gap between DeFi and TradFi.

Chainlink stated that this collaboration with SWIFT will allow financial institutions to gain blockchain capability without replacing, developing, and integrating new connectivity in legacy systems. Such kinds of changes would otherwise require substantial modifications at very high costs.

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