SWIFT—The Society for Worldwide Interbank Financial Telecommunication—will build its newly announced blockchain payment settlement platform based on Ethereum Layer 2 Linea, as confirmed by ConsenSys CEO Joe Lubin.
On Monday, SWIFT announced that it has partnered with ConsenSys and over 30 traditional financial institutions to build the infrastructure for a 24/7 real-time crypto payment system. However, despite widespread market speculation that the system will be built on Linea, SWIFT did not confirm the specific chain used.
However, Lubin confirmed the choice of Linea during a fireside chat with Cointelegraph's Gareth Jenkinson at the Token2049 conference in Singapore on Thursday.
Lubin stated that when SWIFT announced to the banking industry, SWIFT CEO Javier Pérez-Tasso did not directly mention the name Linea. Lubin noted that SWIFT needed to "quietly release" this "significant news," and the market reacted positively.
Lubin said, "I think the reaction from everyone is 'thank you for doing this.' Now is the time to integrate DeFi and TradFi."
Linea, developed by ConsenSys, is a Layer 2 network focused on scalability, utilizing zk-EVM aggregation technology, capable of processing about 1.5 transactions per second, with fees only 1/15th of Ethereum's.
According to L2BEAT data, the total locked value on Linea has reached $2.27 billion, ranking fourth among Ethereum Layer 2 solutions, behind Arbitrum One, Base Chain, and OP Mainnet.
SWIFT's entry into the blockchain payment sector could have far-reaching implications, as it processes approximately $150 trillion in global payments annually through traditional banking systems.
Traditional financial institutions such as Bank of America, Citigroup, JPMorgan Chase, and Toronto-Dominion Bank will participate in SWIFT's new blockchain payment channel pilot based on Linea.
This system may become a strong competitor to the Ripple XRP Ledger, which is one of the few blockchain payment systems tailored for banks.
SWIFT's initiative to build a blockchain payment channel has been in the works for some time, aiming to achieve near-instant, round-the-clock settlement without intermediaries, while also reducing costs, errors, and delays.
Lubin emphasized that Linea's potential extends far beyond the payment sector, describing it as "a platform where content can be user-generated."
Lubin stated, "We will realize user-generated civilization and content on Linea and other platforms." He explained that with Ethereum's trustless settlement layer, Linea allows communities to build infrastructure, rules, and applications from the bottom up, in contrast to the top-down approach of traditional governments and banks.
Decentralized autonomous organizations (DAOs) have been attempting to operate entities without centralized leadership, typically managing treasuries and making decisions through smart contracts and decentralized voting systems. However, there are still very few DAOs that have achieved large-scale success.
Related: Unity Android vulnerability may lead to players' crypto wallets being stolen—how to protect your assets.
Original article: “Joe Lubin Confirms SWIFT is Building Its New Payment System Using Linea”
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