Chainlink (LINK) founder Sergey Nazarov says one key catalyst could help the blockchain industry grow to hundreds of trillions of dollars.
In a new interview at the Hong Kong Fintech Week 2024 conference, Nazarov said Chainlink has developed a way to connect payments giant SWIFT with blockchain technology, opening the door to large-scale adoption of traditional finance (TradFi).
“So the logical next step is how to use existing standards like SWIFT to interact with blockchain. This is a body of work that we’ve demonstrated in pre-production form to show how it will actually work in production. And how it will ultimately be used in real-world exams and how it will be utilized by these large banks and institutions. So this was a really big event and a big milestone for us. Because the next step after that will be real-time testing, usage, and actual adoption of the service. This is what we are currently looking forward to and pursuing.”
Nazarov said Chainlink’s innovations could lead to a massive expansion of the blockchain market.
“In fact, if even a small percentage of the 11,000 banks and institutions can start interacting with blockchain in an efficient and secure way, whether on public or private chains, the market size of the blockchain industry will grow even larger. The market size explodes from there, including RWA (real assets), tokenized funds, and stablecoins. So it’s just going from a few trillion dollars to tens of trillions of dollars and actually hundreds of trillions of dollars.”
Chainlink is trading at $11.79 at the time of this writing, up 5.6% in the last 24 hours.
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