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Celo’s Ecosystem Grows with CCIP Cross-Chain Protocol

Cross-Chain

Ethereum layer-2 network Celo revealed on May 29 the CCIP protocol integration for cross-chain interoperability.

Following the deployment of CCIP on Celo, Eric Nakagawa, the executive director of Celo, said, “Canonical cross-chain infrastructure can accelerate the long-term growth and adoption of the Celo ecosystem.” “As the only interoperability solution achieving level 5 cross-chain security, CCIP provides a great option for developers, founders, and the wider community to consider and adopt, Nakagawa said.”

As real-world asset tokenization is expected to be the next major area for expansion, cross-chain interoperability remains a fundamental goal of the blockchain sector.

Chainlink claims that all real-world assets taken together have a value of an amazing $874 trillion. Even a tiny fraction of that wealth finds the blockchain.

Sadly, these assets are dispersed over many platforms, businesses, and chains, which causes efficiency and liquidity problems for investors and speculators trying to release value buried in often illiquid assets, including real estate and collectibles.

This is where the CCIP system of Chainlink finds use. It serves as a kind of “layer 0” protocol for public blockchains as well as even conventional financial architecture across chains of communication.

Chainlink effectively ran a pilot test using SWIFT, the worldwide messaging system used in interbank communication, in 2023.

To bring real-world assets on-chain, the Oracle network and interoperability protocol also carried out a similar experimental test with the Depository Trust and Clearing Corporation (DTCC) and other banking partners, including JP Morgan and BNY Mellon.

Chainlink’s tests with SWIFT and the DTCC draw attention to the possible synergies among blockchain, conventional banks, and international corporations.

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