- They’re working on a fast-transfer infrastructure
- And have attracted major institutions from around the world
The Oracle Blockchain Chainlink continues to develop a joint project with SWIFT. They are working on a new concept that will allow banks to implement blockchain and transfers across networks. In doing so, financial institutions will not have to spend large sums on implementation and development.
The project has entered a new stage of testing.. For it, Swift and Chainlink invited dozens of financial institutions. They will test how successfully banks can connect to multiple blockchain networks.
So major brands participating in the new tests include BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Australia and New Zealand Banking Group Limited (ANZ) and Depository Trust and Clearing Corporation (DTCC). As you can see, the geography of establishments is rich, from New Zealand to Africa to Europe. In addition to banks, depository companies and trusts participate in the experiment.
This is how Chainlink co-founder Sergey Nazarov comments on the news:
“Banks hold the largest amount of capital in the world.. And if our industry is going to grow beyond single-digit trillions, then the banks have to come in. I am confident that banks and their customers will grow the $10 trillion blockchain industry.”
We note that the total capitalization of the crypto market is now $1.08 trillion. It is difficult to estimate how much this figure will grow with the advent of banks in this system. But the news is good for the entire industry.