Chainlink co-founder Sergey Nazarov reckons banks will build their own blockchains and this will enable more value to flow into crypto.
Chainlink co-founder Sergey Nazarov has a bold vision that banks will build their own blockchains and may adopt its newly launched CCIP protocol to connect them.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Chainlink launched its cross-chain interoperability protocol just a few days ago, in the hope of making it easier to send money between blockchains.
Nazarov claimed there are three stages of bank adoption. Stage 1 focuses on custody, and entails simply looking after crypto assets on their native chains. Stage 2 encompasses tokenizing real-world assets, in a similar way to making derivative assets, which raises the question: onto which chain will these assets be placed? Nazarov contended that this juncture is when banks recognize the need to establish their own chains to exert full control over their tokenized real-world assets.
“In that third stage, they're invariably going to be dealing with us because we power the vast majority of DeFi. They're going to need market data, they're gonna need identity data, they're gonna need automation, they're going to need functions. All the stuff we make, they're going to need,” he said. “I know that because I've already seen a lot of the designs, and the designs are basically copying the DeFi [protocols] we already power.
Nazarov elaborated that banks would aim to interconnect their chains to amplify the reach of their financial products. He emphasized that banks could only market such products on chains they are linked to, underscoring the importance of tools like CCIP that enable asset transfers across diverse chains.
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