The development company behind the Chainlink protocol and its native LINK token has launched its cross-chain protocol, which aims to provide interoperability between traditional financial firms and public and private blockchains.

on July 17 postal Kemal El Moujahid, Chief Product Officer at Chainlink Labs, announced on the Chainlink blog that its Cross-Chain Interoperability Protocol (CCIP) is available in early access on Ethereum, Avalanche, Polygon, Arbitrum, and Optimism.

Developers on these platforms will have access to CCIP on their respective testnets on July 20th.

CCIP is an interoperability protocol that allows businesses to transfer data and value between public or private blockchain environments directly from their backend systems.

Chainlink’s interoperability solution uses Swift’s messaging infrastructure, which is used by more than 11,000 banks worldwide to facilitate international payments and settlements.

In 2021 alone, the network will resolve approximately $1.8 trillion in transactions from more than 11,000 member banks, according to To the US Financial Crimes Enforcement Network.

This diagram depicts how financial institutions use CCIP for on-chain transactions. Source: Chainlink

Chainlink co-founder and CEO Sergei Nazarov explained On July 17th, CCIP aims to build a bridge between the on-chain and off-chain worlds:

“Just as key standards such as TCP/IP reshaped the fragmented early Internet into the single global Internet we know and use today, we are enabling CCIP to connect the fragmented public blockchain landscape and growing bankchain ecosystem into a single Internet of Contracts”.

Interoperability solutions that can seamlessly transfer value between networks will be a key component of a blockchain-powered society, Nazarov added.

According to Chainlink, other financial institutions exploring the use of Chainlink’s interoperability solutions include BNY Mellon, BNP Paribas, Citibank, Australia and New Zealand Banking Group, Clearstream, Euroclear and Lloyds Banking Group.

related: Chainlink Labs Offers Proof-of-Reserves Service to Troubled Exchange

In addition to integrating CCIP’s five blockchains, the decentralized finance protocol AAVE will implement interoperability solutions, while the decentralized derivatives platform Synthetix is ​​already live on the CCIP mainnet.

At press time, Chainlink’s LINK token was up 9.7 percent in the past eight hours to $7.27, while the rest of the market remained relatively neutral, according to to CoinGecko.

The LINK token surged 7.5% following news of CCIP’s mainnet launch. Source: CoinGecko

Cointelegraph reached out to Chainlink Labs for comment, but did not immediately hear back.

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