BEASTMODErK

According to Cointelegraph, SWIFT, the Society for Worldwide Interbank Financial Telecommunication, has confirmed plans to build its blockchain payment settlement platform on Ethereum's layer 2 solution, Linea. This announcement was made by Consensys CEO Joe Lubin during a discussion at the TOKEN2049 conference in Singapore. SWIFT had previously announced its collaboration with Consensys and over 30 traditional financial institutions to create a 24/7 real-time crypto payments system, but had not specified the blockchain platform until now. Lubin noted that SWIFT CEO Javier Pérez-Tasso did not initially mention Linea by name during the announcement to the banking sector, opting for a gradual reveal of the news, which was met with positive reception. Lubin emphasized the importance of integrating decentralized finance (DeFi) with traditional finance (TradFi), stating that it was time to merge these two financial streams.

Linea, developed by Consensys, is a layer 2 scaling solution that utilizes zk-EVM rollup technology, enabling it to process approximately 1.5 transactions per second at a fraction of the cost of Ethereum's fees. It currently holds $2.27 billion in total value locked, ranking fourth among Ethereum layer 2 solutions, according to L2BEAT data. SWIFT's venture into blockchain payments is significant, given its role in handling around $150 trillion in global payments annually through traditional banking channels. Major financial institutions such as Bank of America, Citi, JPMorgan Chase, and Toronto-Dominion Bank are set to participate in trials of SWIFT's new blockchain payment system on Linea. This development positions SWIFT as a potential competitor to Ripple's XRP Ledger, a prominent blockchain-based payment system designed for banks.

Lubin also highlighted the broader implications of Linea beyond payments, describing it as a platform for "user-generated civilization" where content can be created in a decentralized manner. By leveraging Ethereum's trustless settlement layer, Linea allows communities to build infrastructure, rules, and applications from the ground up, contrasting with the traditional top-down approach of government and banking hierarchies. Decentralized autonomous organizations (DAOs) are already exploring ways to operate without centralized leadership, using smart contracts and decentralized voting systems for treasury management and decision-making. However, achieving success at scale remains a challenge for many DAOs.