Chainlink Teams Up with Swift for Cross-Chain Tokenization Experiment

Today, Swift reported the results from its recent tokenization experiment conducted in collaboration with Chainlink and several major financial institutions.

The experiment’s goal was to enhance the smooth transfer of tokenized assets across existing Swift infrastructure and several blockchain networks.

The experiment used CCIP (Chainlink’s Cross-Chain Interoperability Protocol) to transfer the tokenized assets across multiple blockchains. Chainlink’s CCIP, which was launched in July, can be used to build interoperable applications. Interoperability is a critical factor in advancing the potential and widespread adoption of digital assets.

Sergey Nazarov, Co-Founder at Chainlink, said: “It’s now clear that both top global banks and leading market infrastructures believe there will be greater adoption of digital assets across the entire banking industry, and that this adoption will happen using multiple different blockchain technologies at the same time. The collaboration between Swift, over ten of the largest financial institutions, and Chainlink also proved that interoperability across chains is critical to enabling the next stage of digital asset adoption across the global financial system. When combining Swift and CCIP, we were able to show that this new level of interoperability across various blockchains is now possible with minimal resources from even the largest banks and market infrastructures.”

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The success of such endeavors could lead to a staggering $13 trillion market valuation for tokenized assets by 2030