Global interbank remittance system Swift and Web3 services platform Chainlink announced the successful completion of an experimental project aimed at facilitating tokenized value transfers between various private and public blockchains.
Swift and Chainlink Collaboration Successfully Conducts Tokenization Experiment on Multiple Blockchains
The success of this groundbreaking initiative, announced today in a press release, marks a significant step towards improving the efficiency and scalability of tokenized asset markets on a global scale.
Swift's collaboration with Chainlink, which began in June, involved a consortium of leading financial institutions, including BNP Paribas, BNY Mellon, The Depository Trust & Clearing Corporation and Lloyds Banking Group.
The main goal of this joint venture was to explore seamless connectivity between multiple blockchain networks and Swift's built-in infrastructure.
The recent achievement of transferring tokenized value between different blockchains has sparked optimism in the financial sector as it has the potential to alleviate bottlenecks hindering the growth and scalability of tokenized asset markets.
Swift's reliable and secure infrastructure, along with Chainlink's Cross-Chain Interoperability Protocol (CCIP), has demonstrated the viability of interconnected blockchain solutions.
Tom Zschach, Swift's Chief Innovation Officer, highlighted the importance of seamless connectivity across the broader financial ecosystem to realize the potential of tokenization.
Zschach noted that Swift's existing infrastructure could serve as a central connection point, thus removing a major obstacle to the development of tokenization.
Using Chainlink's CCIP, the collaboration successfully achieved interoperability between different blockchains. Recently launched in July, CCIP plays an important role in facilitating the creation of cross-chain applications and services.
*This is not investment advice.