21x Partners with Chainlink to Offer EU-Compliant Services, as LINK Token Rises in Value

The EU's MiCA regulations have radically transformed European crypto markets, creating new opportunities.

European fintech company 21x has partnered with Chainlink to offer EU-compliant services, as the bloc's MiCA regulations continue to reshape European crypto markets, presenting new opportunities for some.

21x is also adopting the CCIP standard as Chainlink's LINK token sees strong price performance.

Chainlink and 21x

21x announced a partnership with crypto-centric tech company Chainlink, which will see 21x's platform integrated into CCIP, a blockchain standard that has seen increasing adoption. The announcement states that 21x will become "the first EU-regulated financial market infrastructure to provide matching and settlement services for tokenised money and securities."

“We're excited to partner with 21X and help foster the adoption of regulated blockchain-based markets across Europe. By leveraging the Chainlink standard, 21X will ensure its matching and settlement system is underpinned by highly accurate and reliable market data,” said Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs.

Shifting EU regulations, notably the Markets in Crypto Assets (MiCA) law, have played a large role in European markets recently. Last week, leading stablecoin issuer Tether significantly scaled back its EU operations, citing challenges under MiCA. Other firms, such as Revolut X, are using the new landscape to expand their presence in the bloc.

21x appears to be pursuing the latter strategy, and its partnership with Chainlink will enable it to provide order matching, trading, settlement and registry services in a disrupted market. The firm's press release also states that its launch will be overseen by Germany's Federal Financial Supervisory Authority (BaFin).

Chainlink, meanwhile, may stand to benefit financially from the high-profile partnership. Moreover, its LINK asset has seen strong price performance since 21x's press release, though it's unclear whether the two are linked. Chainlink has already been experiencing sustained bullish momentum, and 21x may or may not be a significant contributor.

The blockchain firm has also struck several recent partnerships that involve CCIP integration, including one with Brazil's Central Bank last month.