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June 2023 Recap: Chainlink And Swift Announce CCIP Collaboration With Top Banks, Chainlink Publishes Q2 Product Updates

June was a significant month for Chainlink. Following an initial proof of concept, Swift announced it will collaborate with more than a dozen top banks and infrastructure providers, including Citi, BNY Mellon, and DTCC, to further develop how traditional financial institutions can transact with a variety of public and private blockchains through Swift’s PKI and Chainlink Cross-Chain Interoperability Protocol (CCIP).

Swift’s Chief Innovation Officer, Tom Zschach, highlighted the need for CCIP as a universal abstraction layer that would allow banks to interact with an increasingly multi-chain economy.

“In such a highly fragmented ecosystem, it would simply not be feasible for financial institutions to connect to each and every platform individually,” Zschach said. “That’s why the community is working with Swift to develop an interoperability model that would enable access to different platforms globally.”

In a series of media interviews with Nasdaq TradeTalks’ Jill Malandrino, CNBC’s Tanaya Macheel, and Real Vision’s Ash Bennington, Chainlink co-founder Sergey Nazarov elaborated on why this most recent collaboration between Swift and Chainlink marks a significant milestone in traditional finance’s blockchain adoption. 

“In the long term, all banks and all payment systems will be on a blockchain, because that’s the superior way for them to interact,” he told CNBC’s Macheel. 

Over two dozen new Chainlink integrations in June include Stella’s integration of Chainlink Price Feeds to strengthen its leveraged DeFi strategies protocol and Celo’s integration of Chainlink Data Feeds to accelerate the growth of its mobile-first, ReFi-focused ecosystem. Developer-friendly web3 infrastructure protocol ThirdFi joined Chainlink BUILD to enhance its infrastructure stack with Chainlink Price Feeds, Automation, and VRF.

Chainlink Labs Chief Product Officer Kemal El Moujahid published the second Chainlink Product Update covering key Q2 developments and deployments that broaden Chainlink’s reach as a web3 services platform.

During a product Q&A with the Chainlink community, El Moujahid shared his long-term vision for CCIP and detailed how Chainlink’s focus on building a comprehensive developer platform with unparalleled security strengthens “The Chainlink Effect,” whereby developers integrate multiple Chainlink services with fewer trust assumptions to innovate new use cases that collectively amplify the Chainlink Network. 

“When you use Chainlink, you set yourself up to be successful,” he said.

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