Summary
- Bottomline, a major provider of SWIFT services that manages over $16 trillion in payments yearly, has partnered with Chainlink to enable blockchain settlement for its 600-plus banking clients.
- Chainlink's token, LINK, reached $13.64 on September 7, marking its highest value since January 18, and it outperformed all other top 10 cryptocurrencies in the last 24 hours, while Bitcoin remained below $80,000.
- Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will facilitate the transfer of tokenized assets across various blockchains, while its Chainlink Runtime Environment (CRE) will streamline payment processes, allowing banks to continue using existing messaging systems.
Bitcoin has dipped back under $80,000, experiencing a decline of approximately 1% today, despite a robust rally in August that saw a 20% increase in value over the past month.
As the major cryptocurrencies see a slowdown in trading activity, one altcoin is on the rise: Chainlink's native token, which has surged by an impressive 6.8% in the last 24 hours. Will this momentum continue for the crypto market?
Myriad: Predict Bitcoin's next price movement. Click here for your prediction.Bitcoin has faced rejection at the $82,000 level twice in recent weeks, starting this week below $80,000 and still under the 50-week moving average of approximately $81,000, which it fell below in May.
The cryptocurrency is currently in a compression phase following a significant price increase in late August. Analysts are divided on whether a trend reversal could push prices upward or if a Bart Simpson pattern might lead to a rapid drop back to around $65,000.
Bitcoin price data. Image: TradingviewOn the fundamental side, traders are closely monitoring two key events this month: upcoming inflation data and the Federal Reserve's interest rate decision on September 16, especially after a stronger-than-expected jobs report raised speculation about a potential rate hike.
In contrast, Chainlink has experienced a significantly different trajectory this week.
Chainlink (LINK) surged to $13.64 on Monday, its highest price since January 18, reflecting a 6.8% increase in just 24 hours, making it the top performer among the ten largest cryptocurrencies by market capitalization, while most others remained stagnant or declined. Additionally, the derivatives market saw LINK contracts reach an open interest of $784 million, the highest in 11 months.
Chainlink price data. Image: TradingviewThis surge can be attributed to a recent partnership with Bottomline, one of the leading SWIFT service providers that automates payments and treasury management for over 600 banks.
According to Chainlink's announcement, Bottomline will integrate its existing systems with both public and private blockchains using Chainlink’s infrastructure, and the company serves about 1,200 financial institutions and 10,000 businesses globally.
Two of Chainlink’s existing products facilitate this integration. The Cross-Chain Interoperability Protocol (CCIP), operational since July 2023, connects over 60 blockchains, enabling the transfer of tokenized values. The Chainlink Runtime Environment (CRE) manages what the company describes as "end-to-end payment workflows," ensuring smooth routing and confirmations throughout the process.
Banks will continue to utilize the familiar ISO 20022 messaging system, the global standard for cross-border payment instructions, which has achieved 97% adoption since a transition in November 2025. Chainlink serves as an underlying connector rather than a replacement. Neither Bottomline nor Chainlink has revealed a launch date or identified a pilot bank.
Chainlink's Previous Engagement with SWIFT
SWIFT has previously tested Chainlink’s capabilities. In 2023, it conducted interoperability trials with Chainlink and over 10 institutions, including Citi and BNY Mellon, to transfer tokenized assets onto Ethereum's Sepolia testnet.
Last month, Standard Chartered mentioned SWIFT as one of the institutions already utilizing Chainlink's services when the bank projected a $200 price target for LINK by 2030, citing Chainlink's $110 billion in secured value.
Furthermore, late last month, Charles Schwab announced intentions to broaden its retail cryptocurrency trading platform beyond Bitcoin and Ethereum, adding three additional assets: Solana, Avalanche, and Chainlink.
The combination of positive developments may largely explain why Chainlink is currently outperforming nearly all other cryptocurrencies in the top 20 by market capitalization, with LINK experiencing a 57% increase over the past 30 days.