Chainlink stood out among technology providers for cross-border payment settlement as part of Project Pangea, which brings together a total of 47 financial institutions operating in Europe and South Korea. While the total assets of the institutions participating in the initiative exceeded 10 trillion dollars, the target was announced as reducing the current foreign exchange settlement time from two days to almost instantaneous transactions.
Project Pangea’s goal
The project includes Qivalis, a euro-based stablecoin consortium supported by 37 European banks, and UniKA, representing more than 10 commercial finance institutions in South Korea. Chainlink provides the technical infrastructure layer in this structure. The established system is intended to provide faster cross-border payment flow through stablecoins indexed to the euro and South Korean won.
Mini dictionary: PvP, that is, payment versus payment, is a settlement method that allows the transfer in two different currencies to be completed simultaneously. If one of the two legs of the transaction does not occur, the transfer is canceled; This reduces party risk.
Atomic PvP consensus model will be tested in the system. Accordingly, both sides of the foreign exchange transaction will be completed simultaneously or the transaction will be canceled completely. Thus, it is expected to reduce the risk that one of the parties will fulfill its obligations and the other will not.
Chainlink Asia Pacific and Middle East Vice President Niki Ariyasinghe stated that it is aimed to start live transactions in accordance with the legal and regulatory framework within the next 12 months.
Trade volume between Europe and South Korea
Project Pangea focuses on the trade corridor between Europe and South Korea. Annual trade in goods and services between the two regions is over 150 billion dollars. This size makes this line one of the most remarkable trade relations in the world.
Banks participating in the project will continue to use their existing Swift infrastructure during the transaction initiation phase. Chainlink’s technology layer will then convert these instructions into instantaneous atomic swaps on the Pangea L1 Network. Thanks to this architecture, it is aimed for institutions to switch to the new model without having to re-establish their old payment systems.
Ariyasinghe also said that approximately 60 percent of global stablecoin payment activity originates from Asia. This data indicates that demand for such solutions remains strong in the region.
Critical zone monitored in LINK price
On the market side, analysts report that LINK is traded in the range of 7 to 8 dollars. While the range of $6.50 to $7.50 stands out as an important support zone in technical evaluations, it is stated that a strong rise above $10 may signal a break in the downward structure.
According to analyst Crypto Patel’s weekly chart, LINK has moved within a prolonged falling channel after hitting a 2021 peak of around $50. While Patel evaluated the range between $4.75 and $7.85 as a strong demand zone, he shared that he followed $21.35 as the first target, followed by $52.22, which was the previous cycle peak. In longer-term optimistic scenarios, the level of 100 dollars is also pronounced between 2028 and 2029.
In addition, some market observers also evaluated Chainlink’s expanding influence in decentralized finance data infrastructure, Grayscale’s application for an exchange-traded fund, and some acquisitions on the institutional side, along with the development of Project Pangea.
