SWIFT — The Society for Worldwide Interbank Financial Telecommunication — will build its new blockchain payment platform on Linea, a Layer 2 solution of Ethereum developed by ConsenSys, according to confirmation from ConsenSys CEO Joe Lubin.
Previously, SWIFT announced a collaboration with ConsenSys and more than 30 traditional financial organizations (TradFi) to develop infrastructure for a 24/7 real-time cryptocurrency payment system, but did not disclose the chosen blockchain. At the Token2049 event in Singapore, Lubin confirmed that Linea is the chosen platform, while also stating that SWIFT has “quietly deployed” this information with positive feedback from the banking community.
Lubin said: “It is time to bring the two flows of DeFi and TradFi closer together.”
Linea — a Layer 2 platform focused on scalability — utilizes zkEVM rollup technology, processing about 1.5 transactions per second at a cost of only 1/15 compared to Ethereum. Currently, Linea has a total value locked (TVL) of 2.27 billion USD, ranking fourth among Ethereum Layer 2s, behind Arbitrum One, Base, and OP Mainnet.
SWIFT — a network that processes approximately 150 trillion USD in global payments each year — will collaborate for testing with giants like Bank of America, Citi, JPMorgan Chase, and Toronto-Dominion Bank. This move could turn SWIFT into a formidable competitor to Ripple and the XRP Ledger network, which is focused on the banking payment sector.
Lubin also revealed the long-term vision for Linea: not just as a payment platform but also as a place “to form a user-created civilization,” with the community's ability to build rules, applications, and infrastructure from the ground up — in contrast to the centralized model of government and traditional banks.
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