The Crypto Roundup: 01 September 2023 | CryptoCompare.com

SWIFT, the international financial messaging service, and Chainlink, a leading Web3 services platform, have embarked on a series of experiments. These experiments aim to streamline the transfer of tokenized assets across a variety of blockchain networks. The initiative also garnered participation from major financial institutions, including ANZ, BNP Paribas, BNY Mellon, Citi, and several others.

The research indicates that SWIFT's robust, secure infrastructure can function as a centralized entry point to multiple blockchain platforms. This has the potential to mitigate both operational and financial challenges that institutions currently face. Chainlink's Cross-Chain Interoperability Protocol (CCIP) played a pivotal role in this, ensuring smooth and effective communication between different blockchain networks.

Beyond validating SWIFT's capabilities, the experiments also shed light on the technical and business requirements essential for interacting effectively with both public and business blockchains. The tests explored various aspects, such as data privacy, governance, operational risk, and legal liability, and involved simulated transfers of tokenized assets between different types of blockchains.

Sergey Nazarov, Co-Founder at Chainlink, pointed out that the experiments have made it clear that there is a growing interest in digital assets among top global banks and market infrastructures. He emphasized the critical role of cross-chain interoperability in advancing the next stage of digital asset adoption across the global financial system.

SWIFT says it is committed to continuing its work with the financial community to pinpoint the most viable use cases for tokenized assets, with a near-term focus on secondary trading of non-listed assets and private markets.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/sept/1/