Jonathan Ehrenfeld, the Strategy Director of SWIFT spoke about how the company wants to bring DeFi to its 11,000 clients. He said this at SmartCon2022 where he explained that some of its 11,000 clientele base, made up of banks and top financial institutions, are already showing interest in DeFi services.
Jonathan said that this situation inspired SWIFT to come into Web3 with interest in stablecoins, CBDCs, bonds, and tokenized assets.
According to the Director, SWIFT has been working with Chainlink since 2017 to develop the Proof of Concept project. This project will use Chainlink’s CCIP (Cross-Chain Interoperability Protocol) to allow communication and movement of tokens across financial institutions and several blockchains, he shared.
Thus, the dApps developers will create will live on several blockchains at the same time. And companies like SWIFT can utilize such opportunities to bring DeFi to their customer base.
BNY Mellon, DTCC, and Cathay Financial Holdings interested in DeFi
Victor O’Laughlen, head of enterprise tokenization at BNY Mellon also spoke about the importance of DeFi in traditional institutions. He believes that what Chainlink is building, which will help connect banks while offering DeFi services like tokenized assets, is important.
For him, interoperability and tokenization will change the game for the financial world, and BNY Mellon, one of the oldest and largest US banks, is interested in it.
Speaking about DTCC at SmartCon, Stephen Prosperi, Head of Product Management, Digital Securities Management at DTCC, highlighted the importance of a secure system that will connect financial institutions with blockchain.
He also explained the huge value that can flow in DeFi from the services DTCC offers to clients with transactions running in quadrillions of dollars.
We want to tokenize as many assets as possible, Nicholas Yang of Cathay Financial Holdings said. He added that tokenization will make transactions faster, help Cathay connect with different markets, and mobilize assets across different settlement systems. Cathay Financial Holdings is known as a trading company with sub-services in banking, and insurance.
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