SWIFT and Chainlink test multiple blockchain connections with dozens of major financial institutions | CoinDesk JAPAN | CoinDesk Japan

SWIFT, which supports international payments between banks, and Chainlink, which provides real-world data to blockchain, said in a press release issued on June 6, It will cooperate with dozens of financial institutions and test how to connect with multiple blockchains.

The tests included Depository Trust & Clearing Corp. (DTCC), which handles essentially all transactions in the U.S. stock market, Australia and New Zealand Bank (ANZ), BNP Paribas, and Bank of New York Mellon. (BNY Mellon), Citigroup, Europe’s largest securities clearing house Clearstream, fellow securities clearing house Euroclear, Lloyd’s Banking Group and other leading TradFi (traditional finance) institutions schedule.

The aim is to test how these institutions can use SWIFT’s infrastructure to direct the transfer of tokenized assets between blockchains.

Chainlink provides connectivity across both public and private blockchains for testing. The partnership between SWIFT and Chainlink was announced in 2022 at Chainlink’s annual conference, SmartCon.

Related article: SWIFT to build a network that can handle crypto assets and traditional assets ─ Proof of concept in cooperation with Chainlink

In capital markets, blockchain technology has the potential to “create efficiencies and reduce costs”, simplifying the settlement process, not only increasing liquidity but also attracting more investors to private markets. SWIFT said in a release that speculation is growing that it could.

This is not only an important move for traditional financial institutions, but also an important step for the cryptocurrency industry, Chainlink co-founder Sergey Nazarov told CoinDesk.

“Banks are the largest asset holders globally, and if the cryptocurrency industry is to grow beyond the single-digit trillion dollar mark, the entry of banks is essential. We believe that it will be the banks and their customers that will grow

Currently, according to data from CoinMarketCap, the market capitalization of crypto assets is $1.8 trillion.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Left: Chainlink CEO Nazarov (Chainlink Labs)
｜Original: Swift and Chainlink Will Test Connecting Over a Dozen Financial Institutions to Blockchain Networks