A major player in traditional finance, Fast announces one protocol bringinteroperability Among blockchains. Designed with chain link, PICC should bring TradFi and crypto assets closer together.
Of course, Kaiko is not the only crypto player to use the worlds of traditional finance and digital finance. Pillar of TradFi, Fastinterbank messaging also works in this direction.
In fact, this strategy is crucial for the company to avoid eviction or disintermediation. On the occasion of the conference Smart Con 2022 in New York, Swift therefore announced the creation of a protocol in cooperation with chain link.
An undeniable interest in institutional crypto
The two partners present themselves in a Proof-of-Concept version CCIP (cross-chain interoperability protocol)a protocol that enables interoperability between different blockchain networks.
CCIP offers Swift multiple benefits. As indicated, it gives the opportunity to SWIFT messages to order on-chain token transfers. The interbank network will therefore be able to do that communicate on blockchain environments.
In front of chain linka blockchain data and pricing provider, this protocol will help accelerate the adoption of DLT technologies by traditional financial institutions.
On the side of Fastpoints out that such a protocol aims to meet the “apparent interest” of institutional investors with regard to the cryptocurrency. To meet this demand, TradFi players therefore want to be able to manage asset transactions, whether digital or not, from the same network.
Interoperability and legal certainty objectives
The financial sector is indeed asking for moreinteroperability. The message was repeated at the beginning of the week at the Banque de France conference dedicated to the tokenization.
Representatives of international banks have therefore argued for the reduction of legal uncertainty surrounding crypto-assets and for interoperability between market infrastructures. This is particularly essential to enable global trade.
Swift seems determined to contribute to that. For example, the interbank network is testing Symbiont technology. The goal: to improve the effectiveness of communication of corporate events such as dividend payments or mergers.
The banking player revealed its blockchain ambitions late last year. With several partners, Swift planned to conduct experiments from the 1st quarter of 2022. Leitmotif: introduce interoperability in this new market.
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