Chainlink Unveils Project Pangea for Instant Cross-Border FX Settlements

Chainlink has launched Project Pangea, a blockchain-based consortium that aims to enable instant settlements for cross-border foreign exchange (FX) transactions. The project targets the EUR-KRW corridor, which handles over $150 billion in annual volume between Europe and South Korea.

The consortium uses Chainlink's Cross-Chain Interoperability Protocol (CCIP) to handle messaging between chains, while its Data Streams product provides real-time FX pricing. This enables banks to price and settle trades in one fluid motion, rather than batching them for end-of-day processing.

Project Pangea preserves familiar SWIFT messaging formats, allowing banks to continue sending instructions as they always have without needing to rip out their existing infrastructure.

The goal of Project Pangea is to eliminate the window of counterparty risk associated with current settlement standards. By settling trades instantly and simultaneously, both parties can complete the transaction or neither can, eliminating the risk of default.