Blockchain
The international interbank payment system SWIFT plans to carry out transactions in cryptocurrencies.
SWIFT has partnered with blockchain project Chainlink, which provides a service for establishing links between smart contracts and third-party platforms or applications. Employees of both organizations will work on a system project that will allow financial companies to make money transfers on different blockchains.
SWIFT uses the “Cross Chain Interoperability Protocol” (CCIP) as its starting concept. CCIP will enable SWIFT to send token transfer requests and help the SWIFT network become interoperable with all blockchains,” SWIFT Director Jonathan Sole said during a speech at the SmartCon 2022 conference.
According to Sole, institutional investors are showing interest in cryptocurrencies and want to get access to digital and traditional assets on the same platform.
With CCIP, financial service providers will transact on networks of virtual currencies so their customers can buy and sell coins. Thus, the SWIFT and Chainlink project is designed to satisfy the demand of institutionalists for cryptocurrencies.
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