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Chainlink (LINK) Shines in This Groundbreaking Swift Experiment

Thu, 08/31/2023 - 14:03
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Godfrey Benjamin
Chainlink (LINK) relevance showcased in latest Swift tokenization trial
Chainlink (LINK) Shines in This Groundbreaking Swift Experiment
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Chainlink (LINK) was one of the key subjects of the latest tokenization experiment carried out by popular financial messaging giant Swift. Announcing the result of the experiment, Swift said it utilized Chainlink's Cross-Chain Interoperability Protocol (CCIP) to secure the interoperability of the networks involved in the tokenization trial.

Chainlink (LINK) Teams up With Swift and 12 Big Banks for Blockchain Testing

Swift also said it used the protocol's Oracle solution as an abstraction layer to securely connect the Swift network to the Ethereum Sepolia network. The experiment showcased that the current Swift infrastructure is viable enough to connect its partner financial institutions to multiple blockchain protocols that might be relevant to their asset tokenization efforts.

Since tokenization is gradually becoming the next big thing in the financial ecosystem, many companies in the industry are already exploring avenues to position themselves for this future. Despite rising interest, the bottlenecks as entails interoperability remain a major consideration, fueling caution among early pioneers.

However, with this latest Swift experiment, the company can build on the success of the trial to develop a solution that will be as encompassing as its current messaging tool. Should it choose this route, it will draft the help of Chainlink, especially, to put the pieces together to ensure a wholesome viable product.

Big win for Chainlink

The utilization of the Chainlink protocol and its innovation, the CCIP, is a testament that the Oracle provider is now playing a more vital role in the blockchain ecosystem beyond just being a data abstraction protocol.

Chainlink (LINK) Goes Live on Base in Readiness for New Bull Rally

The upside for LINK, the native token of the protocol, is very high as multiple banks with millions of clients around the world place a high demand on the token for its usefulness in the Swift-backed tokenization world.

At the time of writing, LINK is changing hands at a price of $6, up by 0.6% at the time of writing as it looks to double down on related growth in the past few weeks.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.