Swift and Chainlink will connect multiple financial institutions to blockchain networks for testing.

Swift and Chainlink are collaborating with multiple financial institutions to test how they can connect with multiple blockchain networks. The goal is to test how these institutions can use Swift’s infrastructure to instruct the transfer of tokenized assets across blockchains. Chainlink will provide connectivity across both public and private blockchains for these experiments. The partnership was first announced last year at Chainlink’s annual conference SmartCon.

The experiments involve major financial institutions such as ANZ, BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear and Lloyds Banking Group. In capital markets, there is a growing view that blockchain technology could “generate efficiencies, reduce costs,” and a simplified settlement process could attract more investors into the private markets as well as increase liquidity, Swift said in its release.

This move is not only important for financial institutions but also represents a significant step for the crypto industry. According to Chainlink’s co-founder, Sergey Nazarov, “Banks hold the largest amount of capital globally and if our industry is going to grow past the single digit trillions, then the banks have to come in and in reality, I think it’ll be the banks and their clients that grow the blockchain industry past $10 trillion.” Currently, the crypto market-cap stands at $1.08 trillion according to CoinMarketCap data.

Read more: SWIFT Is Partnering With Chainlink: Here’s the Down-low on the Blockchain Data Provider

Edited by Aoyon Ashraf.