Ethereum based decentralized oracle network Chainlink recently completed a test involving the cross-chain transfer of tokenized assets using the Chainlink Cross-Chain Interoperability Protocol (CCIP). The test saw participation from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), as well as banking giants and market infrastructure providers.
Chainlink took to X (formerly Twitter) earlier today to share the results of the test:
In a new results report, Swift, #Chainlink, and more than a dozen of the largest financial institutions and market infrastructure providers successfully demonstrated a secure and scalable way to transfer tokenized assets cross-chain using CCIP.
— Chainlink (@chainlink) August 31, 2023
Key results:
• Connected existing… pic.twitter.com/AfJajWAF8F
Chainlink, along with SWIFT, was able to demonstrate a secure and scalable way to transfer tokenized assets cross-chain using CCIP. The test also involved major financial institutions including Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX).
As part of the test, Chainlink connected SWIFT’s existing infrastructure to multiple blockchains through the CCIP, allowing the transfer of tokenized assets between public and private blockchains. The collaboration demonstrated significant progress towards enabling interoperability between traditional financial systems and emerging blockchain networks.
SWIFT concluded that it could provide a single point of access to multiple networks using its existing infrastructure, thereby reducing the operational challenges and funding associated with the development of tokenized assets. The test was part of SWIFT’s broader strategy to ensure secure, global interoperability as new technologies and platforms emerge.
Speaking on the latest test with SWIFT and other banking giants, Chainlink’s co-founder Sergey Nazarov stated:
It’s now clear that both top global banks and leading market infrastructures believe there will be greater adoption of digital assets across the entire banking industry, and that this adoption will happen using multiple different blockchain technologies at the same time.
Chainlink’s native token LINK witnessed a visible surge after the results of the test were announced. Data from CoinMarketCap showed that the token went from $5.97 to $6.05 within a couple of hours of the announcement. At the time of writing, LINK was trading at $5.99, with a daily trading volume of $145 million.
