Chainlink launches cross-chain protocol bridging blockchain to TradFi

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Several of the world’s top banks are working with Chainlink to explore the potential applications of the Cross-Chain Interoperability Protocol. Unveiled on the Chainlink blog, the blockchain development firm’s new protocol is designed to bring conventional financial services together with private and public blockchains. Kemal El Moujahid, Chainlink Labs’ Chief Product Officer, declared that the Cross-Chain Interoperability Protocol (CCIP) has successfully launched into early access and is open to developers working on Avalanche, Ethereum, Polygon, Optimism and Arbitrum.

By using the CCIP, enterprises now have the capability to send data and transfer value between systems. This service has been taken up by 11,000 different banks across the world for making international payments and setting clearances, to which more than $1.8 quadrillion was settled with the US service ‘Financial Crimes Enforcement Network’ (FinCEN did anyone check if this is the right acronym?). Co-founder and CEO, Sergey Nazarov specified that the actual purpose of the release of CCIP is to create a “Single Internet of Contracts”: connecting both publicly available blockchains and financial chain ecosystems.

Amongst giant banking firms like BNY Mellon, BNP Paribas, Citi, Australian and New Zealand Banking Group, Clereatream, Euroclear and Lloyds Banking Group, there are other DEFI startups including AAVE and Synthetix also jumping in on integrating CCIP.

Amidst these roll-outs, the LIVE token (LINK) saw a boost of indeed 9.70% within a span of a mere eight hours while the rest of the market remained in sleep mode according to ‘CoinGecko’. Pursuant to Cointelegraph’s outreach to Chainlink labs, an official statement is still awaited.

Robert Wilson author
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