Chainlink Launches CCIP Private Transactions, ANZ Bank Pilots New Feature

Chainlink has expanded its services with the launch of CCIP Private Transactions. This new privacy-preserving feature, which is powered by the Chainlink Blockchain Privacy Manager, will help financial institutions maintain integrity and safety when transacting across blockchain networks.

We’re excited to announce CCIP Private Transactions, enabling financial institutions to connect private blockchains to the multi-chain economy.

Australia and New Zealand Banking Group (ANZ) will be among the first financial institutions to pilot the capability for cross-chain… pic.twitter.com/1Qmm9nURqz

— Chainlink (@chainlink) October 22, 2024

The Australia and New Zealand Banking Group (ANZ) is one of the first to use this technology. The bank will pilot the solution for cross-chain settlement of tokenized real-world assets as part of Singapore’s Monetary Authority Project Guardian initiative.

This addresses the challenges that have hindered institutional acceptance of blockchain. Until now, it’s been difficult for financial institutions to meet regulatory requirements, including the European Union’s General Data Protection Regulation (GDPR) and Markets in Financial Instruments Directive II.

Chainlink’s CCIP Private Transactions will allow financial institutions to work with different blockchain networks while complying with regulatory standards. Institutions can use CCIP to transfer data and value between public and private blockchain ecosystems.

Nigel Dobson, ANZ’s Banking Services Lead, said that the new privacy capability could increase institutional adoption of blockchain technology. He said their partnership with Chainlink Labs will pilot CCIP and show how to solve this ongoing privacy issue.

Current Market Trends and Technical Indicators

Chainlink’s market response has been bullish since this announcement. LINK, which is valued at $12.02, rose 2.67% over the past 24 hours. The token has been climbing after falling to $11.60.

Source: CoinMarketCap

Technical indicators suggest that this bullish trend may continue. The MACD recently crossed into positive territory, showing growing buying pressure.

Source: TradingView

Additionally, the RSI is at 59.03, which means the token has room to grow before becoming overbought. If LINK can break through the $12.50 resistance level, it could go higher.

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