Swift, the interbank messaging system, and Chainlink, a Web3 services platform, have successfully conducted experiments involving the transfer of tokenized value across various private and public blockchains. This collaboration has the potential to reduce friction that has been impeding the growth of tokenized asset markets and facilitate their global scalability as they continue to evolve.
In #partnership with dozens of financial institutions, including BNP Paribas, BNY Mellon, The Depository Trust & Clearing Corporation, and Lloyds Banking Group, Swift and Chainlink aimed to explore how they can connect with multiple blockchain networks. The goal is to improve financial markets by experimenting with asset tokenization.
Tom Zschach, Chief Innovation Officer at Swift, highlighted the importance of seamless connectivity within the financial ecosystem for tokenization to realize its full potential. Chainlink's #Cross-Chain Interoperability #Protocol (CCIP) played a crucial role in enabling the connection between Swift and different blockchains, contributing to the advancement of cross-chain applications and services.
This #collaboration demonstrates the ongoing efforts within the financial industry to leverage blockchain technology and tokenization to enhance efficiency and transparency, particularly in areas such as bond markets.
