Chainlink’s LINK token has surged to its highest point since late September, driven by the Oracle network’s introduction of a privacy-focused technology that helps financial institutions.
Following the news, data from CryptoSlate shows that LINK’s price peaked at $12.16 before slightly dipping to $12.01 at the time of writing. This marks a continuation of the upward trend, with the token rising by approximately 6% this month and 4% during the past seven days.
LINK currently ranks among the top 15 digital assets, with a market capitalization of around $7.5 billion.
CCIP Private Transactions
On Oct. 22, Chainlink launched Cross-Chain Interoperability Protocol (CCIP) Private Transactions, a new solution enabling financial institutions to link their private blockchains with other chains.
The platform aims to resolve the ongoing issue of secure cross-chain privacy, which has been a barrier to regulatory-compliant blockchain interactions for financial institutions.
Chainlink revealed that Australia and New Zealand Banking Group (ANZ) is one of the first institutions to adopt the platform. This would enable cross-chain tokenized real-world assets (RWAs) settlements under Singapore’s Project Guardian, led by the Monetary Authority of Singapore (MAS).
Chainlink’s Blockchain Privacy Manager is planned to power the new technology. The Manager allows private blockchains to use CCIP to connect with other networks, including public and private blockchains, external data sources, and traditional financial systems, while maintaining transaction privacy.
Institutions using the Blockchain Privacy Manager can set specific privacy parameters for each transaction. They can hide sensitive information, such as private data, token amounts, and counterparties, while selectively revealing other on-chain details.
Nigel Dobson, ANZ’s Banking Services Lead, noted that the platform addresses the long-standing privacy challenges in institutional blockchain transactions. He added that this advancement could accelerate blockchain adoption among financial institutions.
Sergey Nazarov, Chainlink Co-founder, said:
“So far, the blockchain industry has not provided the level of privacy necessary for these institutional transactions to move forward successfully, limiting the growth of the entire industry. Now that private transactions across chains are possible, we expect an even greater influx of institutional adoption of blockchains, CCIP, and the Chainlink standard in general.”
In addition to the Privacy Manager, Chainlink has introduced a Sandbox for DECO, a privacy-preserving data verification system.
DECO uses zero-knowledge proofs (ZKPs) and existing web infrastructure to ensure the privacy of blockchain participants. While DECO is still being tested, Chainlink plans to make the platform accessible publicly.
Chainlink Market Data
At the time of press 11:58 am UTC on Oct. 22, 2024, Chainlink is ranked #14 by market cap and the price is up 2.8% over the past 24 hours. Chainlink has a market capitalization of $7.59 billion with a 24-hour trading volume of $261.14 million. Learn more about Chainlink ›
Crypto Market Summary
At the time of press 11:58 am UTC on Oct. 22, 2024, the total crypto market is valued at at $2.32 trillion with a 24-hour volume of $83.85 billion. Bitcoin dominance is currently at 57.20%. Learn more about the crypto market ›
