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Chainlink's LINK Surges, Outshining Other Major Cryptocurrencies

Sep 19, 2023 at 11:15 am

The remarkable surge in Chainlink's native token, LINK, has been propelled by substantial partnerships established with conventional financial institutions.

On Monday, LINK witnessed a remarkable upswing, surging to $6.83, denoting a surge of more than 10% within the past 24 hours. This surge surpassed the broader cryptocurrency market performance, which also saw a 3% uptick in Bitcoin's valuation. Fundstrat analyst Tom Couture attributes this upswing to the positive sentiment surrounding Chainlink's collaboration with SWIFT, a prominent interbank messaging system, aimed at broadening the adoption of tokenized assets.

During SWIFT's global financial services networking event Sibos, Chainlink's co-founder Sergey Nazarov, in conjunction with Nigel Dobson, the banking services lead at Australia and New Zealand Banking Group (ANZ), delved into the intricacies of cross-chain settlement using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

In June, Chainlink joined hands with Depository Trust and Clearing Corporation (DTCC), a key player in U.S. market trading, to announce their collaboration on SWIFT's Blockchain interoperability project. Chainlink's CCIP streamlines seamless interoperability between the source and destination blockchains.

Additionally, ANZ made use of Chainlink’s CCIP on Wednesday to carry out a cross-chain acquisition of tokenized assets with A$DC, a stablecoin issued by ANZ pegged to the Australian dollar. This recent development builds on the knowledge gained from the prior SWIFT blockchain interoperability initiative, underscoring how financial institutions can harness CCIP for cross-chain transactions spanning both public and private blockchains, as highlighted by Chainlink on X (formerly Twitter).

On-chain data from spotonchain reveals that four Chainlink wallets unlocked and transferred out 18.75 million LINK (equivalent to approximately $117 million) over the weekend. Among these, around 15 million LINK tokens found their way into the crypto exchange Binance, while 3 million were directed to a multisig address commencing with 0xD50f.

Furthermore, Lookonchain highlighted that the Chainlink wallet has been consistently depositing LINK to Binance every quarter since August 2022, amassing a total of over 71 million LINK (valued at approximately $446 million).

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