Breaking News: Chainlink Announces Giant Partnership!

Chainlink (LINK) and SWIFT have announced a proof-of-concept that will allow the international bank cooperative to transfer cryptocurrencies on almost any Blockchain. Here are the details...

SWIFT and Chainlink partner

SWIFT may soon be able to interact with Blockchain assets. According to a press release, Blockchain oracle network Chainlink unveiled a proof-of-concept in the framework of the collaboration. It revealed that this will allow SWIFT to instruct token transfers in almost any Blockchain environment. LINK added that this will allow financial institutions to have Blockchain capability without facing high upfront costs and development challenges.

The upcoming proof-of-concept will first use Chainlink's Cross-Chain Interoperability Protocol (CCIP). This protocol was announced in August 2021. It marked a global standard for cross-chain messaging, data and token transfer. Co-founder and CEO Sergey Nazarov provided more details at SmartCon 2022. He said the project would "enable the communication and movement of tokens between a number of different institutions."

LINK and SWIFT have partnered before

Jonathan Ehrenfeld Solé, Chief Strategy Officer at SWIFT, noted that this is not the first time LINK and SWIFT have worked together. About five years ago, Chainlink and SWIFT worked on another proof-of-concept related to bond issuance and redemption, he said. That effort was "quite successful," Solé said. He said it was "the first steps in the story between Chainlink and SWIFT, which continues today."

These initiatives represent a collaboration between two major players in their respective industries. Chainlink is one of the top 25 Blockchains with a market cap of $3.9 billion. It is often considered the leading Blockchain oracle platform. Meanwhile, as we at cryptoify.blogspot.com reported, SWIFT is the leading global financial messaging network. It is connected to about 11,000 banks and processes more than five billion financial messages a year.

SCALE programme announced

On the other hand, LINK has launched a new program focused on the growth of the Blockchain economy. SCALE (Sustainable Chainlink Access for Layer 1 and 2 Enablement) is the Chainlink Economics 2.0 program. This program aims to increase the long-term benefit of Oracle services. Chainlink SCALE, featured at SmartCon 2022, Chainlink's annual Web3 conference, will cover certain operating costs of Chainlink oracle networks.

This will enable Blockchains and layer-2 networks to fast-track smart contract innovation in their local ecosystems. At the time of writing, LINK is changing hands at $ 7.72, down 3.5 percent. In the last 7 days, it has increased by 14.9 percent.

Source: Cryptobriefing