SWIFT – The society for global interbank financial telecommunication – will develop a recently announced platform of repayment of blockchain payment at Ethereum Layer 2 linea, Consensys CEO Joe Lubin confirmed.
On Monday, Swift announced that it had tapped consensiss and more than 30 Transitutions of Tradfi In order to produce infrastructure For a 24/7 real-time crypto payment system-but do not confirm which chain it will build despite its widespread speculation will be a line.
But Lubin confirmed Linea’s choice in a fireside chat with Gareth Jenkinson by Cointelegraph at Token2049 Conference in Singapore on Thursday.
Lubin said that during Swift’s announcement in the banking sector, Swift CEO Javier Pérez-Tasso did not mention the linea by name. Lubin said Swift had to “softly roll out” the “big news,” which was taken rather positively.
“I believe the emotion is, ‘Thanks for doing so.’ It’s about time to carry two streams, defi and tradfi, together, “Lubin said.
Developed by Consensys, Linea is a scaling 2-focused layer that uses ZK-EVM rollup technology to process around 1.5 transactions a second at one-fifth cost of Ethereum fees.
It has $ 2.27 billion worth of Total amount that is locked – the fourth largest to Ethereum layer 2s, Only trailing arbitrum one, base chain and op mainnet, l2beat Data Shut up.
Swift’s entry into the blockchain payment space can be huge, as it holds around the $ 150 trillion worth of global payment through the traditional banking metallic each year.
Some of the largest banks are involved
Bank of America, Citi, JPMorgan Chase, and the Toronto-Dominion Bank belongs to the tradfi companies set to participate in trials of the new blockchain payment of railroads in line.
It can cause a serious competitor to Ripple’s XRP ledger, one of the few well -known blockchain -based payment systems that is customized for banks.
Swift’s move to produce a blockchain payment railroad is expected for hours, benefiting from the close instant of the blockchain, 24/7 settlement without mediators, while reducing costs, mistakes, and delays.
Linea can enable a “user -generated civilization,” Lubin says
Lubin featured the broader potential of the race line beyond payments, describing it as a platform where “content can be created in a user -generated fashion.”
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“Magkakaroon kami ng sibilisasyong nabuo ng gumagamit at nilalaman na nabuo ng gumagamit sa linya at iba pang mga lugar,” sabi ni Lubin, na nagpapaliwanag na sa pamamagitan ng pag-agaw ng hindi mapagkakatiwalaang layer ng pag-areglo ng Ethereum, pinapayagan ng Linea ang mga pamayanan na bumuo ng mga imprastraktura, mga patakaran, at mga app mula sa ilalim hanggang-kabaligtaran sa top-down na diskarte na nakikita sa tradisyunal na pamahalaan at mga hierarchies ng Banking.
Decentralized autonomous organizations is trying to run creatures without centralized leadership, often implementing intelligent contracts and decentralized voting systems to manage wealth and make decisions. However, there are few DAOs who have achieved success on the scale to this day.
