The infrastructure project includes more than 30 traditional financing establishments, including Bank of America, CITI, JPMorgan Chase and Toronto-Dominion Bank.
The CEO of Ansensys, Joe Lubin, confirmed that Swift would create its Payment Payment Platform for the Blockchain on Ethereum Layer-2 Linea. The announcement occurred during a conversation by the fireside at the Token2049 conference in Singapore.
The infrastructure project includes more than 30 traditional financing establishments, including Bank of America, CITI, JPMorgan Chase and Toronto-Dominion Bank. These companies will participate in tests from the new Swift on Linea blockchain.
SWIFT manages approximately 150 billions of dollars in world payments through traditional banking rails per year. The passage to the blockchain allows a colony 24/7 without intermediaries while reducing costs, errors and delays.
The platform could compete directly with the large XRP book of Ripple, one of the few payment systems based on the blockchain designed for banks. The entry of Swift represents a significant validation of blockchain technology for institutional financing.
Lubin has described Linea’s broader potential beyond payments as a platform for the content and civilization generated by users. The CEO explained that the update of the Ethereum without confidence regulation layer allows communities to create infrastructure, rules and applications from zero.
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