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The development firm behind Chainlink Protocol and its native LINK token has gone live with its cross-chain protocol, which aims to provide interoperability between traditional financial firms and both public and private blockchains.
on July 17 Post On the Chainlink blog, Kemal El Moujahid, Chief Product Officer of Chainlink Labs, announced that its Cross-Chain Interoperability Protocol (CCIP) has been launched under early access on Ethereum, Avalanche, Polygon, Arbitrum and Optimism.
Developers on these platforms will have access to CCIP on their respective testnets on July 20.
1/ The Chainlink Cross-Chain Interoperability Protocol (CCIP) has been officially launched on the Avalanche, Ethereum, Optimism and Polygon mainnets.#LinkTheWorld pic.twitter.com/SdLVyaapg3
— Chainlink (@chainlink) 17 July 2023
CCIP is an interoperability protocol that allows enterprises to transfer data and value between public or private blockchain environments directly from their backend systems.
Chainlink’s interoperability solution leverages SWIFT’s messaging infrastructure, which is used by over 11,000 banks around the world to facilitate international payments and settlements.
In 2021 alone, the network will handle approximately $1.8 quadrillion in transactions from over 11,000 member banks, According United States for the Financial Crimes Enforcement Network.
Sergey Nazarov, Co-founder and CEO of Chainlink Explained On July 17, CCIP aims to create a bridge between the on-chain and off-chain worlds:
“Just as key standards such as TCP/IP turned the fragmented early Internet into the single global Internet we know and use today, we look to connect the fragmented public blockchain landscape and the growing bank chain ecosystem into a single Internet of Contracts.” Making CCIP.
An interoperability solution that can seamlessly transmit value between networks will be an important building block for a blockchain-powered society, Nazarov said.
According to Chainlink, other financial institutions exploring the use of Chainlink’s interoperability solution include BNY Mellon, BNP Paribas, Citi, Australia and New Zealand Banking Group, Clearstream, Euroclear and Lloyds Banking Group.
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In addition to the five blockchains that CCIP integrates, decentralized finance protocol AAVE is set to implement an interoperability solution, while decentralized derivatives platform Synthetix is already live on the CCIP mainnet.
The Chainlink token, LINK, gained 9.7% in price over the past eight hours to $7.27, while the rest of the market remained relatively neutral. According To CoinGecko.
Cointelegraph reached out to Chainlink Labs for comment but did not immediately receive a response.
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