This new development will allow banks and
other financial institutions to deliver messages and interact with
a broad spectrum of tokenized assets
SAN
FRANCISCO, May 1, 2024 /PRNewswire/ -- Rapid
Addition, an acclaimed FIX connectivity solutions provider, and
Chainlink—the essential infrastructure for the tokenized asset
economy—have announced today the development of a FIX-native
blockchain adapter for institutional digital asset trading powered
by Chainlink Cross-Chain Interoperability Protocol (CCIP).
Rapid Addition is an acclaimed FIX connectivity solutions
provider within financial markets. Chainlink is the industry
standard platform for onchain data, cross-chain interoperability,
and blockchain abstraction. This new collaboration will allow banks
and other financial institutions to deliver messages and interact
with a broad spectrum of tokenized assets—an untapped market
opportunity spanning carbon credits and renewable energy products
to real-world assets such as real estate, infrastructure, and
collectibles.
Rapid Addition, with its network of FIX-enabled users and
solutions, is at the forefront of innovation in the FIX
connectivity space. "Working with Chainlink on this new capability
means our clients will benefit from seamless and secure integration
into blockchain-based platforms without the need to duplicate
systems and controls," explained Mike
Powell, CEO of Rapid Addition. "Our users require access to
liquidity and post-trade services regardless of the underlying
technology. As a result of this collaboration with Chainlink,
financial institutions will be able to leverage their existing
trading infrastructure to enter the new era of digital assets."
Originally developed by the industry for the industry, FIX has
been underpinning financial transaction communication for over 30
years. Its message formats align with global regulation across the
whole spectrum of market data and pre- and post-trade transactions,
and when used in combination with Chainlink to support message
flows onto and across blockchains, FIX can fast-track
interoperability with classic systems, as well as offer a compliant
schema for the communication of financial market transactions over
blockchain networks.
Jim Kaye, Executive Director of
FIX Trading Community, highlighted the important role of the FIX
technology committee, adding: "We're delighted to see the adoption
of the valuable work FIX has recently begun in the digital asset
space. Chainlink and Rapid Addition are key to these initiatives as
new trading models and technologies emerge."
As the convergence of the onchain and traditional finance worlds
has accelerated, bringing new efficiencies and enhanced liquidity
to established centralized markets, the ability to communicate
between investment banks' and brokers' centralized risk and
settlement systems and new blockchain-based platforms is more
critical than ever.
By utilizing the initial recommendations of FIX's recently
launched digital assets and technology committee, our initial
designs have shown that the combination of Chainlink CCIP's
blockchain abstraction APIs and Rapid Addition's platform into an
institutional blockchain adapter make it possible to seamlessly and
securely connect FIX's widely-used industry protocols to smart
contracts, unlocking new possibilities for digital asset
trading.
"The key to institutional adoption of these new asset types lies
in the effective interoperability between traditional systems and
blockchain technology, which is why we're so excited to announce
this partnership between Rapid Addition and Chainlink," said
Vince Turcotte, Business Development
Lead, Asia Pacific for Chainlink
Labs. "Combining Chainlink CCIP with Rapid Addition's FIX platform
lowers the technical barriers of entry to new trading venues,
buy-side participants, and brokers for digital assets."
About Rapid Addition
An early pioneer in the development of advanced electronic
trading technology, Rapid Addition is recognised as a market
leader in financial messaging protocols and scalable middleware.
Our asset class- and protocol-agnostic platform provides a
foundational building block for firms to design trading
capabilities unique to their requirements.
Architected to accelerate the deployment of customer-defined
business logic and IP, the RA Platform gives financial
organisations the freedom to implement a broad spectrum of dynamic
workflows through our low-code development framework. Whether
on-prem or in the cloud, Rapid Addition's open platform is fully
interoperable with the customer's wider technology ecosystem,
supporting future business strategy in whichever direction it may
take.
Learn more at rapidaddition.com.
About Chainlink
Chainlink is essential infrastructure for the tokenized asset
economy, enabling financial institutions to develop customized,
compliant, and future-proof blockchain applications. Chainlink
powers tokenized assets throughout their entire lifecycle,
enriching them with real-world data (e.g., NAV, AML/KYC, proof of
reserves), providing secure interoperability between any private or
public blockchain to increase liquidity, and synchronizing asset
data between blockchains and existing systems to maintain a unified
golden record.
Chainlink has securely enabled over $10
trillion in transaction value and delivered more than 12
billion onchain data points across the blockchain ecosystem. Major
financial market infrastructures and institutional banks such as
Swift, ANZ, and many others have collaborated with Chainlink to
successfully demonstrate how financial institutions can use
existing infrastructure and messaging standards to interact with
tokenized assets across any blockchain.
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SOURCE Chainlink; Rapid Addition