SWIFT and Chainlink will work together on a cross-chain blockchain interoperability protocol

The SWIFT interbank system has partnered with Chainlink Labs to work on the cross-chain interoperability protocol (CCIP).CCIP is a cross-chain interoperability protocol that is a standard for messaging and communication between blockchains.Chainlink co-founder Sergey Nazarov said the protocol will help accelerate the adoption of distributed ledger technology (DLT) and blockchain, and will benefit various institutions in the capital markets.SWIFT Strategic Director Jonathan Ehrenfeld Sole added that one of the reasons SWIFT has been successful with Chainlink over CCIP is the “undeniable interest” in cryptocurrency from institutional investors. According to Sole, players in traditional finance need access to a variety of digital and traditional assets on one network that can connect different types of assets.He added that a cross-network partnership between Chainlink and SWIFT would help bridge the gap between traditional and digital assets.