Crypto News – In order to test connecting blockchains, the interbank messaging system Swift revealed in June that it was working with Chainlink and dozens of other financial organizations.
Swift and Chainlink’s Asset Tokenization Experiment Looks Successful So Far
According to a press release on Thursday, recent trials using the interbank messaging system Swift and the Web3 services platform Chainlink successfully moved tokenized value across numerous private and public blockchains.
The findings have the potential to remove significant friction slowing the growth of tokenized asset markets and enable them to scale globally as they mature,
the press release
To communicate with other blockchains, Swift made use of Chainlink‘s Cross-Chain Interoperability Protocol (CCIP). In July, Chainlink’s CCIP went operational, with the aim of assisting in the development of cross-chain applications and services.
Use of Asset Tokenization
With the aim of enhancing financial markets, financial institutions worldwide are actively experimenting with asset tokenization. According to a recent assessment from the Hong Kong Monetary Authority, tokenization could increase bond markets’ efficiency and transparency.
For tokenization to reach its potential, institutions will need to be able to seamlessly connect with the whole financial ecosystem. Our experiments have demonstrated clearly that existing secure and trusted Swift infrastructure can provide that central point of connectivity, removing a huge hurdle in the development of tokenization and unlocking its potential,
Tom Zschach, chief innovation officer at Swift
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