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Chainlink Launches Cross-Chain Interoperability Protocol: Connecting Blockchain and Traditional Finance

Key Points:

  • Chainlink has launched its Cross-Chain Interoperability Protocol (CCIP) on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism.
  • CCIP allows enterprises to transfer data and value between public or private blockchains.
  • The protocol uses Swift’s messaging infrastructure, which is used by over 11,000 banks worldwide.
  • Financial institutions such as BNY Mellon, BNP Paribas, Citi, and Lloyds Banking Group are exploring the use of Chainlink’s interoperability solution.
  • Decentralized finance protocol AAVE is planning to implement the interoperability solution, while Synthetix is already live on the CCIP mainnet.

Hot Take:

Chainlink’s launch of its Cross-Chain Interoperability Protocol is a significant step towards connecting the fragmented blockchain landscape and the traditional banking ecosystem. By providing interoperability between different blockchains, Chainlink is bridging the gap between on-chain and off-chain worlds. With major financial institutions already exploring the use of Chainlink’s solution, we may see increased adoption of blockchain technology in the traditional finance sector. This development further highlights the importance of interoperability as a building block for a blockchain-powered society.

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