Swift and Chainlink Partner with Financial Institutions to Test Blockchain Connectivity

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Swift and Chainlink Partner with Financial Institutions to Test Blockchain Connectivity

Swift and Chainlink have announced a partnership with dozens of financial institutions to test how they can connect with multiple blockchain networks. The goal is to explore how these institutions can use Swift’s infrastructure to transfer tokenized assets across blockchains. Chainlink will provide the necessary connectivity across both public and private blockchains for these experiments.

Banks hold the largest amount of capital globally and if our industry is going to grow past the single-digit trillions, then the banks have to come in and, in reality, I think it’ll be the banks and their clients that grow the blockchain industry past $10 trillion, said Chainlink’s co-founder, Sergey Nazarov.

Swift believes that blockchain technology could generate efficiencies, reduce costs, and a simplified settlement process could attract more investors into the private markets as well as increase liquidity. This partnership is an important move for financial institutions and a significant step for the crypto industry.

The financial institutions involved in the experiments include 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.