Chainlink is Predicted to Surpass XRP in the Global Banking Sector: Analyst

The increasing role of Chainlink in integrating SWIFT’s blockchain is being compared to XRP’s long-standing ambitions in the same field. Reports reveal that SWIFT has utilized Chainlink technology to connect over 11,000 banks with public and private blockchains, a move that some believe will give Chainlink an advantage in practical adoption. The Relationship of Chainlink with Global Finance Supporters point out that Chainlink’s activities currently include many major financial institutions such as DTCC, Mastercard, central banks, and leading asset management companies. The collaboration with SWIFT plays a central role in this process, allowing data and transactions to be transmitted across multiple blockchains. When asked which blockchain would perform these transactions, Chainlink supporter Zack Rynes stated that any of the hundreds of existing blockchains could take on that role, opening up opportunities for XRP and XRP Ledger (XRPL) to participate. However, he pointed out that in fact, Swift and Chainlink have collaborated to link 11,500 loan units associated with Swift to both public and private blockchain networks.

Some XRP supporters have protested, arguing that external criticisms are a sign that this token is about to achieve a major breakthrough. Rynes disagrees, believing that his stance stems from the conviction that Chainlink’s market capitalization of 14 billion dollars is too low compared to XRP’s 188 billion dollars, especially when considering Chainlink’s achievements.

Different Perspectives from Ripple Supporters The debate also attracted Dom Kwok, co-founder of EasyA, who responded to influencer Ansem’s comment that Chainlink is Ripple “if it really works.” Kwok said he has witnessed Ripple technology being used in real-world cases, but has yet to see Chainlink deployed in a similar way or meet developers actively building with this technology. He notes that the time spent directly with builders often reveals which technologies are operating at scale. Chainlink’s partnership with SWIFT began in 2016 but has recently been accelerated.

Both announced proof of concept at the latest Chainlink SmartCon event, using the cross-chain interaction protocol (CCIP) to connect SWIFT’s legacy messages with multiple blockchains. In May 2023, tests with BNY Mellon and BNP Paribas successfully transferred encrypted assets between chains.