Chainlink partnering with SWIFT doesn't drive demand for LINK - Coin Bureau
Coin Bureau's nickname server is connecting the dots on Chainlink's (LINK) recent partnership with the SWIFT payment network.
Five days ago, Chainlink announced that SWIFT would use LINK's Cross-Chain Interoperability Protocol (CCIP) in an early proof of concept.
According to Chainlink, the proof-of-concept project aims to make the SWIFT network interoperable across different blockchains.
Coin Bureau host Guy told his 2.13 million YouTube subscribers what it really means to partner with a payments organization.
“The bigger question is whether this protocol will increase demand for LINK if adopted. And the answer seems to be no. That is simply because LINK is used to pay Chainlink oracle service providers for their services. Then these Oracle providers will come back and sell your LINK for fiat. However, that doesn't mean there can't be a speculative bomb associated with SWIFT's Chainlink integration if it happens. The only problem is that this speculation is not found in a crypto bear market.
Case in point: LINK continues to crash despite this big news.
Another problem is that Chainlink's SWIFT link can be negligible. This is because consensus in cryptocurrencies and elsewhere these proprietary interbank messaging systems are disappearing. SWIFT's partnership with Chainlink could be proof of that. "
Guy said that the association might suggest that SWIFT is working with Chainlink to advance the blockchain space before it becomes a standard.
“In my opinion, the only reason SWIFT would partner with a crypto project is because it is trying to keep up. It's no different from all publicly traded companies adopting NFTs [non-fungible tokens] as they know, deeper down, decentralized alternatives will replace established business models. their broker.
However, this does not take away from the fact that Chainlink is creating cutting edge technology that is attracting the attention of very important institutions. "
Oct 04, 2022