Just In: Chainlink Teams Up With $670,000,000,000 Bank

It has been revealed the fact that there is a massive move that has been made by Chainlink these days. Check out the latest reports about its new partnership below.

Chainlink, a decentralized oracle service, has partnered with the lending giant Australia and New Zealand Banking Group (ANZ).

As per a press release by Chainlink, ANZ was involved in a case study that tested the new Cross-Chain Interoperability Protocol (CCIP) technology of the oracle.

The study showed that ANZ-issued stablecoins could be transferred cross-chain via CCIP to buy nature-based assets. In a joint paper by Chainlink Labs and ANZ, the authors suggest that CCIP could accelerate the acceptance of tokenized assets by institutions.

“The case study presented in this paper demonstrates that financial institutions can provide clients with secure access to a wide range of tokenized assets and digital asset services, even across different public and private blockchains. This can vastly simplify the user experience of interacting with digital assets while providing financial institutions with a way to serve client demand without substantial modifications to their existing infrastructure…”

The same notes continue and say the following about the move:

“Similar to how interoperability standards transformed the Internet and global banking, a cross-chain interoperability standard could accelerate the adoption of tokenized assets amongst financial institutions.”

Last June, SWIFT announced that it was conducting blockchain interoperability tests with more than a dozen financial institutions on the Chainlink network. In a recent interview with CNBC, Chainlink creator Sergey Nazarov stated that their collaboration with SWIFT was progressing “very well.”

Nazarov explained that they were able to achieve all of their primary objectives. Using SWIFT messages, which are a widely used existing banking standard, they were able to initiate blockchain events through CCIP, the cross-chain interoperability protocol made by the Chainlink network.

They were also able to connect several private bank chains, enabling different banks on their respective chains to transact with each other.

Furthermore, they connected those private bank chains with public chains, allowing those private banks to transact with public chain contracts such as DeFi (decentralized finance). Overall, all three of their goals were achieved successfully.