As a seasoned researcher with over two decades of experience in the financial markets and blockchain industry, I find the recent SWIFT initiative to leverage Chainlink’s Cross-chain Interoperability Protocol (CCIP) a highly intriguing development. Having closely followed the growth trajectory of both these giants, it’s evident that this partnership could significantly boost Chainlink’s market value, with potential price surges towards $12 or even $15.
A fresh endeavor by SWIFT could propel Chainlink’s price up to $12 or potentially $15. On Wednesday, the global payment infrastructure provider, The Society for Worldwide Interbank Financial Telecommunication, announced a new initiative aimed at streamlining international transactions. This new initiative will make it easier to transfer tokenized assets and enable users to conduct real-time transactions using their SWIFT connection.
These are for transactions involving traditional and emerging asset classes, like crypto.
SWIFT to Leverage Chainlink’s CCIP
Experts and analysts predict that the Real-World Asset (RWA) sector could be valued at an impressive $30 trillion within the next decade. With such a substantial market size anticipated, SWIFT intends to seize a considerable portion of it. Consequently, their latest project primarily targets the global trends shaping the RWA market.
In the realm of Real-World Assets (RWA), Chainlink boasts about the versatility of its Cross-chain Interoperability Protocol (CCIP) in linking diverse on-chain ecosystems together. Meanwhile, SWIFT is actively exploring the potential of multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions within its extensive network.
In essence, Chainlink leads this project as it currently provides those necessary services through its CCIP. This implies that adopting SWIFT’s strategy could boost interest in numerous Chainlink services. Furthermore, LINK, a token available on the open market, is what’s used to pay for all Chainlink service transactions.
It appears that Chainlink (LINK) could potentially be gearing up to reverse its downward trend, which started in February, leading to a possible significant price jump ahead. Currently, LINK is trading at $10.56 following a 1.07% increase over the past day. To hit the anticipated price of $12, it would require a further 13.7% rise from its current position.
This is not impossible and might place LINK in more focus in the coming days.
Tackling the Challenges of RWA Tokenization
As a crypto investor, I’ve noticed an intriguing development after Chainlink recently formed a strategic partnership with Suho.io, a blockchain financial tech company. Some analysts are suggesting that this move could potentially boost Chainlink’s bullish recovery. The reason? The increased tokenization of RWA in global markets could be the fuel for this growth.
The two entities aim to facilitate the widespread use of digital currencies in developing Asian markets, such as Japan and Thailand.
Currently, SWIFT identifies an issue related to interoperability within the global market for tokenized assets. They attribute this problem to a shortage of universally recognized digital currencies on a global scale.
In simpler terms, Tom Zschach, the Chief Innovation Officer at SWIFT, stated that digital currencies and tokens could significantly transform how we pay and invest in the future. However, for this potential to be fully realized, the various strategies being developed need to be able to integrate and function harmoniously together.
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2024-09-12 13:32