Ripple and Chainlink, two prominent blockchain firms, are collaborating with banks and traditional payment companies to develop the future financial infrastructure. This marks a shift from the traditional paradigm where crypto operates separately from the practical world. Companies like Fireblocks, R3, Fnality, and Zodia Markets are also embracing strategies of working cohesively with financial institutions. Ripple, which recently won a partial victory against the U.S. Securities and Exchange Commission, aims to enable global financial institutions to move, manage, and tokenize value. It is hoped that banks will begin to adopt Ripple’s XRP for cross-border transactions and other services. Chainlink, on the other hand, is partnering with Swift, an interbank messaging platform, to facilitate token transfers using its Cross-Chain Interoperability Protocol. This collaboration could enable banks to easily flow their funds into public blockchain applications, expanding the market opportunity for cryptocurrencies. The integration of blockchain technology with financial institutions presents opportunities for greater transparency and verifiability in industries such as banking and derivatives.
Crypto vs. Banks? It’s Not Either-Or for Chainlink, Ripple