Sergey Nazarov, the co-founder of Chainlink (LINK) recently made an announcement surrounding their latest partnership. Nazarov announced that they have reportedly partnered with SWIFT, a major interbank messaging system.
Partnership to Launch a New Project
Following their partnership, both companies will be working together to introduce a new project. Both sides will be working together to launch a proof-of-concept (PoC) project.
The officials have confirmed that the platform would enable traditional financial firms to perform transactions through blockchain networks. The transactions will be cross-chains, which means the transacting entities would be able to process them across the blockchain networks.
Nazarov Made the Announcement on September 28
On September 28, a SmartCon 2022 Conference was held in New York City where Nazarov made an announcement about the partnership.
It was during the conference Nazarov announced that their firm had partnered with SWIFT. The announcement was acknowledged by Jonathan Ehrenfeld Sole, the strategy director at SWIFT.
CCIP Technology by Chainlink
Nazarov stated during the conference that their role is to provide SWIFT with all the support they can possibly get to promote cross-chain transaction service.
SWIFT will be able to gain access to the cross-chain interoperability protocol (CCIP) that is powered by Chainlink. With the particular technology integrated into the PoC, the users will be able to use the message service of SWIFT to execute token transfers.
The users will be able to process these transfers through the blockchain networks. Both personalities were glad to reveal that the transfer access would be available through any blockchain.
Promotion of the DLT
The purpose and benefit of the particular technology would be that the institutional and traditional financial sectors would gain access to the distributed ledger technology.
They will be able to use the technology based on blockchain networks. This would eventually increase the influx of traditional finance and capital markets.
High Interest of Institutional Investors
Sole also talked about their latest offering in collaboration with Chainlink. He stated that they have been monitoring the adoption level of cryptocurrencies among different industries.
However, they are surprised to see how many institutional investors are eager to know and learn about cryptocurrency technology. Therefore, they consider it to be one of the best opportunities for their platform to earn their trust by offering them what they want.
SWIFT is a platform that has connections with banks on a global scale. The service boasts having connections with almost 11,000 from all over the world.
By enabling institutional investors to carry out crypto transactions, SWIFT would play a huge role in bringing cryptocurrencies to the mainstream sector.