Chainlink (LINK) founder Sergey Nazarov recently stated that the blockchain sector has the potential to expand by hundreds of trillions of dollars, driven by a significant catalyst.

In a recent interview at the Hong Kong Fintech Week 2024 conference, Nazarov highlighted Chainlink’s groundbreaking achievement in bridging the gap between the payments behemoth SWIFT and blockchain technology, paving the way for substantial adoption within traditional finance (TradFi).

“The logical progression here is figuring out how to utilize established standards like SWIFT for engaging with blockchains,” he explained. “We demonstrated this concept in its pre-production phase, showcasing how it will function in a live environment and how major banks and institutions will be able to employ it. This event marked a significant milestone for us, as we now look forward to real-world trials and the genuine adoption of this service.”

Nazarov believes that Chainlink’s innovation could trigger significant growth within the blockchain ecosystem. “If we can encourage even a minor fraction of the 11,000 banks and institutions to engage with blockchains in a secure and efficient manner, the blockchain market—whether it involves public or private chains, real-world assets (RWAs), tokenized funds, or stablecoins—could see explosive growth. This could shift the market valuation from several trillion dollars to tens of trillions, ultimately setting the stage for hundreds of trillions of dollars.”

As of now, Chainlink is trading at $11.79, reflecting a 5.6% increase over the past 24 hours.

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