Chainlink and SWIFT have announced a proof-of-concept, is now the right time to buy LINK?

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on Sep 29, 2022
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  • Chainlink and SWIFT are working on a proof-of-concept,
  • This would allow financial institutions to easily integrate blockchain technology.
  • It will utilize Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

The blockchain oracle network known as Chainlink has revealed that a collaborative proof-of-concept would essentially allow SWIFT to instruct token transfers across every blockchain environment.

Chainlink (LINK/USD) is an open-source technology that enables blockchain platforms to interact with external data in a secure way.

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The Chainlink and SWIFT proof-of-concept as a catalyst for growth

Chainlink has established a collaboration with SWIFT as a means of creating a proof-of-concept that will enable SWIFT to instruct token transfers across almost every blockchain out there, based on the latest Chainlink news.

Chainlink shared information that this would allow any financial institution to leverage the power of blockchain technology without needing to confront high upfront costs and development challenges.

This is due to the implementation of Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a global standard when it comes to cross-chain messaging, data, as well as token transfers that were first announced in August of 2021. 

This additional level of utility and implementation of the LINK token can lead to an increase in its overall value.

Should you buy Chainlink (LINK)?

On September 29, 2022, Chainlink (LINK) had a value of $7.764.

LINK/USD Chart by Tradingview.

When we go over the all-time high point of value for the Chainlink (LINK) cryptocurrency, we can see that LINK reached a value of $52.70 on May 10, 2021. Here we can see that at its ATH, the token was trading $44.936 higher in value or by 578% higher. 

When we go over its weekly performance, Chainlink (LINK) had its lowest point of value at $6.39, while its highest was at $8.41. This indicates a price difference of $2.02 or 31%.

In terms of the 24-hour performance, the low point was $7.66, while the high point was $8.52. Here we can see another increase of $0.86 or by 11%.

With all of this in mind, investors might want to buy Chainlink (LINK) as it can climb to $10 by the end of October 2022.