Chainlink Labs and Rapid Addition will launch a blockchain adapter for banks
The tool will be based on the CCIP cross-chain protocol
01.05.2024 - 13:15
66
3 min
0
What’s new? The team of the Chainlink decentralized oracle network is developing an adapter for institutional trading of digital assets that will be built into the Financial Information eXchange (FIX) tool from e-commerce solutions provider Rapid Addition. This will allow banks and other financial institutions to interact with a wide range of tokenized assets.
What else is known? The adapter will be powered by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which allows tokens to be moved between public and private banking blockchains and run multi-chain smart contracts, solving the problem of liquidity fragmentation.
CCIP is already used by banks ANZ, BNP Paribas, BNY Mellon, Citi, Lloyds Banking Group and others, and the Chainlink team opened up access to the protocol at the end of April.
According to the parties, the integration can be used in the areas of renewable energy and real world assets (RWAs) such as real estate, infrastructure, and collectibles.
It will provide a single source of reliable trade allocation information that can be used simultaneously by asset managers, brokers, and custodians. This information can also be fed into legacy systems, reducing calculation errors and failures.
Vince Turcotte, head of business development at Chainlink Labs in APAC, explained that asset managers and their clients can reduce costs by having a single source of reliable settlement instructions available to all counterparties to a transaction and constantly updated 24/7. He also revealed that digital-focused institutions will be the first to adopt the new product.
Spanish company Telefónica has entered into a partnership with Chainlink
The goal of the collaboration is to improve the security of the crypto industry, which will ultimately better protect users and their assets
Chainlink’s (LINK) native token ranks 18th in the overall ranking of cryptocurrencies by market capitalization with a figure of $7,6 billion and is trading at $12,91, having lost 2,1% overnight. The drop since the beginning of the year amounted to 13,5%.
Useful material?
Technologies
It is available to crypto wallet users worldwide as an additional feature
May 15, 2024
Market
The ex-official known for his initiatives to explore the potential of blockchain in the financial system has joined the board of directors of a fintech company
May 14, 2024
Business
Earlier, Brad Garlinghouse claimed apparent harassment of the company by the US authorities
May 14, 2024
Crypto regulations
According to Brad Garlinghouse, the magnitude of the impact of such harassment on the crypto ecosystem is beyond prediction
May 13, 2024
Crypto regulations
The condition is part of the exchange’s agreement with authorities to plead guilty to regulatory violations
May 13, 2024
Market
The USDT issuer responded by saying that the report lacked sufficient data to support such claims
May 10, 2024