Chainlink Partners with 47 Banks for FX Settlement Network

Chainlink has announced a partnership with 47 banks from Europe and South Korea to create a foreign exchange (FX) settlement network. This initiative, known as Project Pangea, aims to utilize stablecoins for real-time cross-border currency trades.

The collaboration involves banks from both regions exploring the use of regulated euro and won stablecoins to facilitate faster and more efficient international money transfers. The project seeks to address the current challenges in cross-border transactions by leveraging blockchain technology.

Details regarding the specific implementation timeline and the potential impact on existing banking systems are still emerging. However, the use of stablecoins is expected to significantly reduce settlement times and costs associated with traditional FX processes.

Key facts

• Chainlink partners with 47 banks from Europe and South Korea.
• Project Pangea aims to use stablecoins for FX settlements.
• The network will focus on real-time cross-border currency trades.
• Regulated euro and won stablecoins are being considered.

Sources

• Coindesk
• Cointelegraph