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Coin Bureau’s pseudonymous host ties in with Chainlink’s (LINK) recent partnership with the SWIFT payment network.
Five days ago, Chainlink announced that SWIFT would utilize LINK’s Cross-Chain Interoperability Protocol (CCIP) for its first proof of concept.
According to Chainlink, the proof-of-concept project aims to make the SWIFT network interoperable across different blockchains.
SWIFT uses the Cross-Chain Interoperability Protocol (CCIP) in its initial proof of concept.
CCIP allows SWIFT messages to direct on-chain token transfers, helping the SWIFT network to be interoperable in all blockchain environments.https://t.co/8GOBNhzwCk pic.twitter.com/Pvm0Cex45e
Chainlink (@chainlink) September 28, 2022
Coin Bureau Host Guy To tell His 2.13 million YouTube subscribers are the true meaning of partnerships with payment institutions.
The bigger question is whether demand for LINK will increase if this protocol is adopted, and the answer seems to be no. This is simply because LINK is used to pay for the services of Chainlink oracle providers. These oracle providers will then turn around and sell LINK for fiat currency. Still, that doesn’t mean there aren’t speculative pumps related to SWIFT’s Chainlink integration. The only problem is that this speculation is nowhere to be seen in the cryptocurrency bear market.
Case in point LINK continued to crash despite this important news.
Another issue is that Chainlink’s SWIFT partnership may not actually matter all that much. This is because the consensus in cryptocurrencies and elsewhere is that these proprietary interbank messaging systems are disappearing. The partnership between SWIFT and Chainlink may be proof of its effectiveness.
According to Guy, the partnership could suggest that SWIFT will work with Chainlink to move forward in the blockchain space before it becomes the norm.
In my opinion, the only reason SWIFT is partnering with a cryptocurrency project is to try to keep up with the times. [non-fungible tokens] When we deeply know that decentralized alternatives will replace intermediary business models.
Still, this doesn’t take away from the fact that Chainlink is building cutting-edge technology that has caught the attention of some very important institutions.”
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