Swift and Chainlink: Blockchain connection for large banks

Chainlink and Swift want to connect major banks to the crypto world. To this end, they are conducting a number of connectivity tests.

According to a press release on June 6, payment infrastructure provider Swift and Chainlink are working with major banking groups to test whether financial institutions can be connected to existing blockchain networks.

Swift, payment infrastructure provider, and Chainlink released a press release on June 6 to partner with major banks to test whether financial institutions can be connected to existing blockchain networks. Banks working on this include Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX) and the Depository Trust & Clearing Corporation (DTCC).

The stated goal: to explore blockchain interoperability and eliminate "friction" in the settlement of token assets. The focus is on how institutions can use their Swift connection to communicate seamlessly with the multitude of blockchain networks emerging worldwide.

Still a niche

Trading in tokenized assets is still a niche. "To scale the market, financial institutions must be able to seamlessly interact with multiple blockchain-based networks in a secure and reliable manner, just as they do today in facilitating the trading of traditional assets.", According to the press release.

"We are excited to partner with Swift. As banks seek to access multiple blockchains, it is clear that a common connectivity layer between blockchains will be a critical building block for the adoption of on-chain finance," Let Sergey Nazarov, co-founder of Chainlink know.

The results of the blockchain interoperability tests will be published "later this year," Swift announced in a press release.

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