Chainlink’s LINK Soars, Outperforming Other Crypto Majors

The LINK token from Chainlink, the decentralized oracle network built on Ethereum, is soaring more than 10% Monday amid new partnerships with traditional financial institutions.

LINK climbed to $6.83 on Monday, gaining just over 10% over the past 24 hours, outperforming the wider crypto market. Bitcoin also gained on the day by 3%. Fundstrat analyst Tom Couture attributes the rally to optimism surrounding Chainlink’s deal with the interbank messaging system SWIFT to scale tokenized asset adoption.

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On Monday, Chainlink’s co-founder Sergey Nazarov spoke at SWIFT’s global financial services networking event Sibos. Nazarov and Nigel Dobson, banking services lead at Australia and New Zealand Banking Group (ANZ), dove into cross-chain settlement using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Chainlink and Depository Trust and Clearing Corporation (DTCC), which processes much of the trading in U.S. markets, announced a collaboration on Swift’s Blockchain interoperability project back in June. Chainlink’s CCIP will enable complete interoperability between the source and destination blockchains.

On Wednesday, ANZ also used Chainlink’s CCIP to complete a cross-chain purchase of tokenized assets with A$DC, an ANZ-issued stablecoin tied to the Australian dollar. “This new development builds on the lessons learned from the recent Swift blockchain interoperability initiative and further showcases how financial institutions can utilize CCIP to facilitate cross-chain transactions across public and private blockchains,” Chainlink said on X (formerly known as Twitter).

On-chain data from spotonchain shows that four Chainlink wallets unlocked and transferred out 18.75 million LINK (worth around $117 million) over the weekend. About 15 million LINK tokens were deposited to crypto exchange Binance and 3 million were sent to a multisig address starting with 0xD50f.

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Lookonchain noted that the Chainlink wallet has been depositing LINK to Binance every three months since August 2022, totalling over 71 million LINK (worth around $446 million).

Edited by Nick Baker.

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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Follow @LedesmaLyllah on Twitter

The post Chainlink’s LINK Soars, Outperforming Other Crypto Majors appeared first on Crypto News Australia.