Chainlink, the blockchain oracle project, has teamed up with Rapid Addition, a FIX connectivity solutions provider, to develop a FIX-native adapter for institutional digital asset trading. This partnership aims to enable banks and financial institutions to communicate and interact with a wide range of tokenized assets. Chainlink believes that this collaboration presents an untapped market opportunity that can be applied to renewable energy products, carbon credits, and real-world assets such as real estate, infrastructure, and collectibles.
Vince Turcotte, the business development lead for Asia Pacific at Chainlink Labs, stated that the adapter can empower financial organizations to encode smart contracts with FIX tags and instructions, similar to Chainlink’s work with the interbank messaging system SWIFT. This information can then be integrated into existing legacy systems, reducing settlement errors and rejections. Furthermore, the integration between Chainlink and FIX ensures that traditional risk and execution platforms can seamlessly operate with new blockchain-based asset types.
When asked about the impact of this new adapter on institutional adoption of blockchain and cryptocurrencies, Turcotte expects digitally native institutions to be the first to embrace this integration. He also highlighted that asset managers and their clients can benefit from cost savings by having a single source of truth for settlement instructions that is accessible to all counterparties and continuously updated 24/7.
In other news, Web3 gaming is predicted to be non-existent within the next five years, and a prize of $656,000 is being offered for the best crypto game pitch in the Web3 Gamer magazine.