Chainlink (LINK) Co-founder: Global Banks Poised to Embrace Chainlink

Chainlink (LINK) co-founder Sergey Nazarov stated that major financial institutions around the world are primed to start utilizing his project soon.

Chainlink (LINK) co-founder Sergey Nazarov has hinted that major financial institutions around the world could soon begin utilizing the project.

In a new YouTube video, Nazarov noted that the decentralized oracle network is arriving at a point where financial institutions have been reaching out for help with various projects. However, he's unable to disclose any names or institutions due to non-disclosure agreements and the sensitivity of the information.

“At this point, he had been – between last year and this year so far – almost everywhere. Last year, he covered a lot of Asia, the Middle East, Australia, many of the top environments where cryptocurrencies and blockchains are getting adopted.

This year, with the new stance on regulation in the US, he is very heavily covering all of the US institutions in addition to continuing to cover those in Asia and the Middle East.

So he cannot mention exact names, because they want to wait to announce, they have all these processes with NDAs (non-disclosure agreements).

It’s a very tightly controlled process, but he would say between last year and this year, they are in various stages of conversations with probably all the top institutions in those geographies.

He thinks that those top institutions basically want to use the solution that solves all their problems, is used by the other top-tier banks and players, has all the functionality they want, whether that’s identity, data connectivity, orchestration.”

Chainlink is a decentralized oracle network that provides smart contracts with access to off-chain data and computation. This functionality is essential for enabling a wide range of use cases for blockchain technology, such as decentralized finance (DeFi), the Internet of Things (IoT), and supply chain management.

In recent years, Chainlink has experienced significant growth and adoption. The project's native token, LINK, has also appreciated sharply in value. As such, any move by major financial institutions into Chainlink could be a major catalyst for the cryptocurrency market.