Chainlink, SWIFT and UBS Announce Successful Pilot for Settlement of Tokenized Asset Transactions on Swift Network

SWIFT, UBS Asset Administration and blockchain oracle supplier Chainlink (LINK) have joined forces to efficiently full a pilot for settling tokenized transactions on the Swift community.

Based on a brand new one announcement Swift’s initiative allows digital asset transactions to be settled off-chain with fiat fee programs world wide.

The goal of the pilot was to deal with points in conventional monetary operations, together with delayed settlements and real-time transparency. It used Chainlink and Swift to settle subscriptions and redemptions for tokenized funding autos.

Says SWIFT Head of Technique Jonathan Ehrenfeld:

“For digital belongings to be adopted globally, they have to combine seamlessly with each present fee programs and digital currencies. Our work with UBS Asset Administration and Chainlink in MAS’ Venture Guardian leverages the worldwide Swift community to attach digital belongings to established programs.

This initiative aligns with our technique to supply our group of monetary establishments with a safe and scalable technique to transact throughout a number of digital asset lessons and currencies, leveraging Swift’s present infrastructure.”

Says Chainlink co-founder Sergey Nazarov:

“Chainlink permits establishments to reuse Swift’s infrastructure to facilitate funds for digital asset transactions. I’m very excited in regards to the coming adoption of those off-chain fee choices and the way they are going to improve the movement of capital and increase the potential consumer base of digital belongings.”

At a convention earlier this 12 months, Nazarov stated that letting conventional monetary establishments work together with blockchains was the beginning of the trade’s path to “tons of of trillions.”

“If you may get even a really small proportion of these 11,000 banks and establishments to work together with blockchains in an environment friendly and safe manner, the market measurement of the blockchain trade, whether or not it is a public chain or a non-public chain, will improve. whether or not it is an RWA (real-world asset) or a tokenized fund or a stablecoin, the market measurement actually explodes from there.

So it simply goes from a couple of trillion [dollars] to tens of trillions and it truly is the trail to tons of of trillions [of dollars].”

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