Check out the details about Swift and Chainlink will test the blockchain network’s connectivity
Swift will work with major financial markets players like the Depository Trust and Clearing Corporation (DTCC), Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, and Lloyds Banking Group in a new set of experiments.
According to a press release issued on Tuesday, the interbank messaging system Swift and Chainlink (LINK), a provider of real-world data for blockchains, will collaborate with dozens of financial institutions to test their ability to connect with multiple blockchain networks.
In another arrangement of trials, Quick will collaborate with major customary monetary establishments like the Store Trust and Clearing Organization (DTCC), Australia and New Zealand Banking Gathering Restricted (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, and Lloyds Banking Gathering. According to the press release, the objective is to determine how these organizations can instruct the transfer of tokenized assets across blockchains by utilizing Swift’s infrastructure.
The statement added that Chainlink will connect these experiments across both public and private blockchains. At Chainlink’s annual conference, SmartCon, the partnership between Swift and Chainlink was first made public.
According to Swift’s press release, there is a growing belief that blockchain technology could “generate efficiencies, reduce costs” in capital markets, and that simplified settlement procedures could attract more investors into private markets and increase liquidity.
Chainlink co-founder Sergey Nazarov told CoinDesk that this is not only a significant move for financial institutions but also a significant step for the cryptocurrency industry.
“Banks hold the biggest measure of capital worldwide and if our industry will develop past the single digit trillions, the banks need to come in and as a general rule, I think it’ll be the banks and their clients that become the blockchain business past US$10 trillion,” Nazarov said. As of now, the general crypto market capitalization remains at US$1.08 trillion as per CoinMarketCap information.
