Chainlink’s growing role in SWIFT’s blockchain integration is drawing comparisons to XRP’s long-standing ambitions in the same sector.
Reports have disclosed that SWIFT already uses Chainlink technology to connect more than 11,000 banks to public and private blockchains, a move some believe gives Chainlink an edge in real-world adoption.
Supporters point out that Chainlink’s work now spans major financial players such as the DTCC, Mastercard, central banks, and top asset managers.
When asked which blockchain would carry these transactions, Chainlink advocate Zack Rynes said any of the hundreds available could serve that role, leaving the door open for XRP and the XRP Ledger (XRPL) to participate.
He did point out though that, in reality, Swift and Chainlink have been collaborating to link up 11,500 Swift-affiliated lenders to both public and private blockchain networks.
Rynes disagreed, arguing that his stance comes from the belief that Chainlink’s $14 billion market cap is too low compared to XRP’s $188 billion, especially given Chainlink’s institutional achievements.
Kwok said he has personally seen Ripple’s technology used in real-world cases, but has yet to see Chainlink deployed in the same way or meet developers actively building with it.
He noted that time spent directly with builders often reveals which technology is working at scale.
Chainlink’s partnership with SWIFT dates back to 2016 but has accelerated recently.
Both announced a proof-of-concept at the most recent Chainlink SmartCon event, utilizing the Cross-Chain Interoperability Protocol (CCIP) to interconnect SWIFT’s legacy messages with multiple blockchains.
In May 2023, tests with BNY Mellon and BNP Paribas successfully transferred tokenized assets between chains.
Featured image from Unsplash, chart from TradingView
