Dominant data oracle Chainlink launched its Cross-Chain Interoperability Protocol (CCIP) on its Mainnet today. The early access phase supports Avalanche, Ethereum, Optimism and Polygon (MATIC) networks, with CCIP also adopted by DeFi lending protocols Aave and Synthetix.
“CCIP creates a standard communication system between different chains,” Nazarov told Decrypt. “In the public blockchain sphere, it will be used to connect DeFi applications with a number of other chains.”
“These networks will get the benefit of an immense security system, through their newly created active management network,” he added.
“Through CCIP we will create a private-public dynamic that will give access to traditional finance to digital assets, and the cryptocurrency space to trillions of dollars,” Nazarov explained.
Chainlink has already started working with some of the largest players in the traditional finance space–Swift, BNY Mellon, Citigroup, and BNP Parabens, to name a few. This also comes amid BlackRock’s sudden and strong push into to the Bitcoin ETF market.
This will give banks access to real world asset tokens, Nazarov said, allowing them to engage in the blockchain space in a plethora of ways. And, having been in crypto since 2010, he says this time is different.
“This is the first down cycle where the banks continue to remain interested because their clients want crypto through their institutions,” he shared. “Other cycles were totally based on token price. This cycle is based on their clients consistently asking them to get involved in crypto.”
Nazarov said this is a game-changer for global finance.
“The same as TCP/IP managed to unite a fragmented internet, CCIP will unite a fragmented global financial system,” he said.
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The post Chainlink Launches Cross-Chain Protocol to Bridge Blockchains With Traditional Capital Markets appeared first on Crypto Breaking News.