The European fintech company 21x has announced that it will provide services that comply with EU regulations in collaboration with Chainlink. The EU's MiCA regulation has dramatically transformed the European cryptocurrency market, creating new opportunities.
21x is adopting the CCIP standard as the value of Chainlink's LINK token has been steadily rising.
The Chainlink blockchain standard CCIP is used in Europe
21x has announced a partnership with Chainlink, a cryptocurrency-focused technology company. This partnership will integrate 21x's platform with the rapidly growing blockchain standard CCIP. According to the announcement, 21x will become "the first EU-regulated financial market infrastructure to provide services for tokenized assets and securities."
"We are excited to partner with 21X to drive the adoption of regulated blockchain-based markets across Europe. By leveraging the Chainlink standard, 21X will ensure its matching and settlement systems are backed by highly accurate and reliable market data." – Angie Walker, Global Head of Banking and Capital Markets at Chainlink Labs.
The regulatory changes in the EU, particularly the Crypto Asset Markets (MiCA) law, have played a significant role in the European market recently. Last week, the major stablecoin issuer Tether withdrew significantly from its EU operations, citing the difficulties of MiCA. However, other companies like Revolut X are greatly expanding their reach by taking advantage of this new opportunity.
It seems that 21x is choosing the latter option. Through the collaboration with Chainlink, 21x will have the opportunity to provide order matching, trading, settlement, and registration services in the turbulent market. According to the company's press release, the launch will be supervised by the German Federal Financial Supervisory Authority (BaFin).
Chainlink can financially benefit from this high-profile partnership. Additionally, the price of the LINK asset has been rising since 21x's press release, but it is unclear whether the two are related. Chainlink has already experienced sustained upward momentum, and it is uncertain whether 21x is a significant contributor.
The blockchain company has recently entered into several partnerships, including the integration of CCIP. Last month, a partnership with the Central Bank of Brazil was also announced.
