- RD Technologies has announced that it will be integrating Chainlink CCIP and Proof of Reserve to power its stablecoin backed by the Hong Kong dollar.
- This collaboration will help secure and enable reliable cross-chain transfers of the HKDR stablecoin.
Chainlink’s reputation continues to grow, with multiple projects and firms collaborating with the network to ensure seamless and secure cross-chain data transfer. Chainlink’s recent integration with RD Technologies for its HKD stablecoin is a major milestone for Chainlink and it expands its reach and bolsters its reputation.
Chainlink CCIP is a secure way to build applications across different blockchains and transfer tokens between them. An independent network monitors CCIP for suspicious activity, adding extra security and ensuring efficiency.
The announcement revealed that RD Technologies plans to integrate its HKDR with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to enable secure and reliable cross-chain transfers of HKDR. In a bid to increase efficiency and transparency, RD technologies will integrate the stablecoin backed 1:1 by the Hong Kong dollar.
This collaboration aims to streamline financial activities for businesses and merchants, particularly in cross-border transactions.
.@RD_Technologies is integrating #Chainlink CCIP and Proof of Reserve to power HKDR, a stablecoin backed 1:1 by the Hong Kong dollar.
Explore how this strategic collaboration unlocks secure cross-chain and cross-border payments of HKDR ⬇️
— Chainlink (@chainlink) May 7, 2024
The partnership will pave the way for faster and more cost-effective payments. Traditional methods can be slow and expensive due to processing times and currency exchange fees. By integrating Chainlink’s services, RD Technologies can offer a smoother and more efficient way to conduct international business using HKDR. Additionally, businesses will benefit from seamless settlement in the stablecoin, eliminating the risk of currency fluctuations and simplifying international trade.
Speaking on the collaboration, Rita Liu, Chief Executive Officer, RD Technologies, stated:
We are pleased to be working with Chainlink Labs, as its proven track record of maintaining the highest standard of security and reliability is in line with RD Technologies’ mission of developing a trusted and transparent stablecoin for multiple business use cases across the globe. We are confident that our integration will help facilitate the adoption of HKDR in cross-border payments, real-world assets tokenisation, and other onchain finance applications; it will also empower us to facilitate the development of Hong Kong as a global Web 3.0 and virtual assets hub.
Colin Cunningham, Head of RWA & Alliances at Chainlink Labs also celebrated the collaboration, pointing out, “Settling transactions across chains with HKDR will accelerate the adoption of tokenised assets and enable faster, more cost-efficient cross-border payments.”
The announcement further reveals that RD Technologies will explore adopting Chainlink’s Proof of Reserve (PoR) to help provide reliable on-chain verification of HKDR’s reserve backing.
Chainlink (LINK) Price Outlook
Chainlink’s LINK token has come under bearish pressure, losing 3% in the last 24 hours. LINK is up by 9% in the last 7 days, painting a short-term bullish outlook. Experts have shared the same bullish outlook for the long term.
As CNF highlighted, Chainlink keeps expanding the scope of its initiatives with several collaborations. With strategic partnerships and real-world solutions, its native asset has become appealing to the crypto world. This makes it a good long-term investment.
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