The uptick comes as the company has secured a number of notable partnerships with traditional finance institutions.
The LINK token from Chainlink, the decentralized oracle network built on Ethereum, is soaring more than 10% Monday amid new partnerships with traditional financial institutions.
LINK climbed to $6.83 on Monday, gaining just over 10% over the past 24 hours, outperforming the wider crypto market. Bitcoin also gained on the day by 3%. Fundstrat analyst Tom Couture attributes the rally to optimism surrounding Chainlink’s deal with the interbank messaging system SWIFT to scale tokenized asset adoption.
On Monday, Chainlink’s co-founder Sergey Nazarov spoke at SWIFT’s global financial services networking event Sibos. Nazarov and Nigel Dobson, banking services lead at Australia and New Zealand Banking Group , dove into cross-chain settlement using Chainlink’s Cross-Chain Interoperability Protocol . Chainlink and Depository Trust and Clearing Corporation , which processes much of the trading in U.S. markets, announced aon Swift’s Blockchain interoperability project back in June. Chainlink's CCIP will enable complete interoperability between the source and destination blockchains.
On Wednesday, ANZ also used Chainlink’s CCIP to complete a cross-chain purchase of tokenized assets with A$DC, an ANZ-issued stablecoin tied to the Australian dollar. “This new development builds on the lessons learned from the recent Swift blockchain interoperability initiative and further showcases how financial institutions can utilize CCIP to facilitate cross-chain transactions across public and private blockchains,” Chainlinkshows that four Chainlink wallets unlocked and transferred out 18.
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