The crypto market was dominated by bulls today. However, some cryptocurrencies managed to attract attention with their performance. One of these was LINK, which undoubtedly had the best performance among the top 20. This increase comes as the altcoin project has established a number of notable partnerships with traditional financial institutions.
LINK outperformed the cryptocurrencies in its own league!
LINK token of Chainlink, the decentralized oracle network built on Ethereum, witnessed a rise of more than 10% on Monday, thanks to new partnerships with traditional financial institutions.
LINK rose to $6.83 on Monday. Thus, it gained just over 10% in value in the last 24 hours. Additionally, the altcoin has outperformed the broader crypto market. Meanwhile, the leading cryptocurrency Bitcoin also gained 3% in value during the day. Fundstrat analyst Tom Couture attributes the rise to optimism surrounding Chainlink’s deal with interbank messaging system SWIFT to scale the adoption of tokenized assets.
Altcoin project forms high-profile partnerships
On Monday, Chainlink co-founder Sergey Nazarov spoke at SWIFT’s global financial services network event Sibos. Nazarov and Australia and New Zealand Banking Group (ANZ) banking services leader Nigel Dobson examined cross-chain consensus using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
Chainlink and the Depository Trust and Clearing Corporation (DTCC), which handles most of the trading in the US markets, announced in June that they were collaborating on Swift’s Blockchain interoperability project. Chainlink’s CCIP will enable full interoperability between source and destination Blockchains. On Wednesday, ANZ used Chainlink’s CCIP to complete a cross-chain purchase of tokenized assets with $ADC, an ANZ-issued stablecoin pegged to the Australian dollar. The Altcoin project made the following statement regarding the issue via the X account:
This new development builds on lessons learned from the last Swift Blockchain interoperability initiative. It also better demonstrates how financial institutions can use CCIP to facilitate cross-chain transactions between public and private blockchains.
LINK movements attract attention
Meanwhile, Spotonchain data highlights the movements of four Chainlink wallets over the weekend. Data shows that 18.75 million LINK (worth approximately $117 million) have been unlocked and transferred. As you follow on Kriptokoin.com, approximately 15 million LINK tokens went to the crypto exchange Binance. Additionally, 3 million altcoins were transferred to a multisig address starting with 0xD50f.
Lookonchain states that the Chainlink wallet has been depositing LINK to Binance every three months since August 2022. It also notes that it has deposited more than 71 million LINK in total (worth approximately $446 million).
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