The protocol enables developers to conduct cross-chain token transfers and smart contract messaging across diverse blockchain networks. Additionally, it allows for function calls on smart contracts deployed across different blockchains, enhancing cross-chain smart contract interoperability. “CCIP is now starting to become the standard for both capital markets blockchain transactions across banks, as well as the way that secure Web3 cross-chain value and data is moved across public chains,” Nazarov said.
The protocol aims to assist financial institutions in leveraging the potential of tokenized assets, offering improved liquidity access for cross-chain assets.