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SWIFT — the Society for Worldwide Interbank Financial Telecommunication — volition beryllium gathering its precocious announced blockchain outgo colony level connected Ethereum furniture 2 Linea, Consensys CEO Joe Lubin has confirmed.
On Monday, SWIFT revealed that it tapped Consensys and implicit 30 TradFi institutions to physique infrastructure for a 24/7 real-time crypto payments strategy — but didn’t corroborate which concatenation it would physique connected contempt wide speculation that it would beryllium Linea.
But Lubin confirmed Linea’s enactment successful a fireside chat with Cointelegraph’s Gareth Jenkinson astatine the TOKEN2049 conference successful Singapore connected Thursday.
Lubin said that during SWIFT’s announcement to the banking sector, SWIFT CEO Javier Pérez-Tasso didn’t notation Linea by name. Lubin said SWIFT had to “soft rotation out” the “big news,” which was taken alternatively positively.
“I judge the sentiment was, ‘thank you for doing this.’ It’s astir clip to bring the 2 streams, DeFi and TradFi, together,” said Lubin.
Cointelegraph’s Gareth Jenkinson with Joe Lubin and Snow Crash writer Neal Stephenson. Source: Cointelegraph
Developed by Consensys, Linea is simply a scaling-focused furniture 2 that leverages zk-EVM rollup exertion to process astir 1.5 transactions a 2nd astatine one-fifteenth the outgo of fees connected Ethereum.
It has $2.27 cardinal worthy of total worth locked — the 4th largest among Ethereum furniture 2s, trailing lone Arbitrum One, Base Chain and OP Mainnet, L2BEAT data shows.
SWIFT’s introduction into the blockchain payments abstraction could beryllium massive, arsenic it handles astir $150 trillion worthy of planetary payments done accepted banking rails each year.
Some of the biggest banks are involved
Bank of America, Citi, JPMorgan Chase, and Toronto-Dominion Bank are among the TradFi firms set to enactment successful trials of SWIFT’s caller blockchain payments obstruction connected Linea.
It could airs a superior rival to Ripple’s XRP Ledger, 1 of the fewer salient blockchain-based outgo systems tailored for banks.
SWIFT’s determination to physique a blockchain payments obstruction has been anticipated for immoderate time, benefiting from the blockchain’s near-instant, 24/7 colony without intermediaries, portion reducing costs, errors, and delays.
Linea could alteration a “user-generated civilization,” says Lubin
Lubin highlighted the broader imaginable of Linea beyond payments, describing it arsenic a level wherever “content tin beryllium created successful a user-generated fashion.”
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“We volition person user-generated civilization and user-generated contented connected Linea and different places,” Lubin said, explaining that by leveraging Ethereum’s trustless colony layer, Linea allows communities to physique infrastructure, rules, and apps from the bottommost up — other to the top-down attack seen successful accepted authorities and banking hierarchies.
Decentralized autonomous organizations are already trying to tally entities without centralized leadership, often implementing astute contracts and decentralized voting systems to negociate treasuries and marque decisions. However, fewer DAOs person achieved occurrence astatine standard truthful far.
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