Swift, the interbank messaging service, has successfully completed blockchain interoperability tests in partnership with more than ten financial institutions.
Banks Complete Blockchain Interoperability Tests With Chainlink, Swift
Swift, the interbank messaging service, has successfully completed blockchain interoperability tests in partnership with more than ten financial institutions, including Citi, BNP Paribas, and BNY Mellon. The tests involved connecting traditional financial assets with blockchain networks through tokenization, a process that has gained traction recently.
Swift utilized Chainlink, an oracle provider, to establish a link with Sepolia, a popular Ethereum testnet, for these interoperability experiments. The trials took place just over a month after Chainlink launched its Cross-Chain Interoperability Protocol (CCIP), designed to facilitate communication between various blockchains, similar to Swift's role in traditional finance.
By employing the CCIP, Swift and Chainlink successfully executed transactions involving tokenized assets between Sepolia and other blockchain platforms like Avalanche, Ethereum, Optimism, and Polygon. This protocol has also been embraced by DeFi platforms Aave and Synthetix.
Sergey Nazarov, co-founder of Chainlink, emphasized the adoption of various blockchain technologies concurrently, suggesting the rise of a multichain ecosystem.
Swift's chief innovation officer, Tom Zschach, noted that the experiments demonstrated the potential for Swift's infrastructure to provide essential connectivity, enabling collaboration between different blockchains and promoting tokenization development.
