Crypto’s Darkest Hour, and the Bright Day Ahead

We need a “blockchain first” mentality. It’s encouraging that recent partnerships between Chainlink and other financial institutions deliver on this premise, providing an example of the kind of meaningful innovation the industry needs. The Oracle service’s groundbreaking cross-chain interoperability protocol, or CCIP, technology will enable financial institutions to launch their own, private blockchains that interact with decentralized, public blockchains like Ethereum. Chainlink has announced projects with Swift, Google, ANZ and DTCC, among others. Indeed, this appears to be a highly plausible endgame for crypto – where financial institutions transition their rails to private blockchains used by retail and wholesale customers, while public, permissionless blockchains co-exist and provide alternative opportunities for more crypto-savvy users.