SWIFT – The Society for Worldwide Interbank Financial Telecommunication – will have its recently announced Blockchain Payment Settlement -Platform Building on Ethereum Layer 2 Linea, has confirmed Joe Lubin, CEO of Consensys.
On Monday, Swift revealed that the consensys and more than 30 Tradfi institutions had tapped to build infrastructure for a 24/7 real-time crypto payment system but did not confirm which chain it would build despite widespread speculation that it would be linea.
Lubin, however, confirmed the selection of linea in a Hireside chat with Gareth Jenkinson van Cointelegraph at the Token2049 conference in Singapore on Thursday.
Lubin said that Swift CEO Javier Pérez Tasso did not mention Swift at the bank sector by name during the announcement of Swift. Lubin said that Swift had to roll out the ‘big news”, which was taken quite positive.
“I believe that the feeling was,” Thank you for doing this. ” It is time to bring the two streams, Defi and Tradfi together, “said Lubin.
Cointelegraph’s Gareth Jenkinson with Joe Lubin and Snow Crash author Neal Stephenson. Source: Cointelegraph
Linea has been developed by Consensys and is a scale-oriented layer 2 that uses ZK-EVM-Rollup technology to process around 1.5 transactions per second on one-15th the costs of reimbursements on Ethereum.
It has locked $ 2.27 billion in total value -the fourth largest under Ethereum layer 2S, with only arbitrum, basic chain and on -Minnet, according to L2Beat data.
Swift’s access to the blockchain payment space can be huge, because every year it handles around $ 150 trillion to global payments through traditional bank rails.
Some of the largest banks are involved
Bank of America, Citi, JPMorgan Chase and Toronto-Dominion Bank belong to the Tradfi companies participating in Tasting of Swift’s new Blockchain Payments Rail on Linea.
It could be a serious competitor for Ripple’s XRP whides, one of the few prominent blockchain-based payment systems that are tailored to banks.
The step of Swift to build a blockchain payment rail has been expected for some time, which benefits from the near-instant, 24/7 arrangement of the blockchain without intermediaries, while the costs, errors and delays are lowered.
Linea could make a civilization generated by the user possible, says Lubin
Lubin emphasized the broader potential of linea beyond payments and described it as a platform where “content can be made in a manner generated by the user.”
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“We will have civilization generated by users generated by users generated on linea and other places,” said Lubin, and explained that Linea by making use of Ethereum’s Trustless Settlement Layer, enables to build infrastructure, rules and apps that can be seen in the traditional government approach.
Decentralized autonomous organizations are already trying to run entities without centralized leadership, which often implement smart contracts and decentralized voice systems to manage treasuries and make decisions. So far, little Daos have brought success to scale.
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