Swift – the Interbank Financial Telecommunication Society – will build a recently announced blockchain payment settlement platform on the Ethereum Layer 2 line, confirmed by Consensys Joe Lubin.
On Monday, Swift revealed that he knocked consensit and over 30 tradfi institutions to build infrastructure for the cryptocurrency payment system in real time-but he did not confirm which chain he would build despite the widely widespread speculation that it would be a line.
However, Lubin confirmed the selection of Linea on Fireside chat with Gareth Jenkinson with Cointelegraph at the token2049 conference in Singapore on Thursday.
Lubin said that during the SWIFT announcement to the Javier Pérez-Tasso, CEO of Swift, he did not mention the line by name. Lubin said that Swift had to “develop” the “great message”, which was taken rather positively.
“I believe that the sentiment was:” Thank you for that. ” It is high time to collect two streams, DEFI and Tradfi, – said Lubin.
Developed by Conszens, Linea is a layer 2 focused on scaling, which uses ZK-EVM rolling technology for processing about 1.5 transactions per second one 15. The cost of fees for Ethereum.
It has $ 3.27 billion of total value – fourth largest among the Ethereum 2S layers, ending only arbitral One, base chain and operator, L2beat data can be seen.
Swift entry into the blockchain payment space can be massive, because it covers about $ 150 trillion every year through traditional banking rails each year.
Some of the largest banks are involved
Bank of America, Citi, JPMorgan Chase and Toronto-Dominion Bank belong to TRADFI companies to take part in the attempts in the new Blockchain Swift payment rail on the line.
This can be a serious competitor in Ripple XRP Ledger, one of the few leading payment systems based on blockchain adapted to banks.
It has been expected for some time that SWIFT has been in order to build a blockchain payment rail for some time, using the close instance of blockchain, 24/7 settlements without intermediaries, while reducing costs, errors and delays.
Linea may allow “civilization generated by users,” says Lubin
Lubin emphasized the wider potential of the line outside of payments, describing it as a platform in which “content can be created in a manner generated by the user.”
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“We will have civilization and content generated by users in line and other places,” said Lubin, explaining that using the flawless settlement layer of Ethereum, the line allows communities to build infrastructure, principles and applications from below-in contrast to the top-down approach seen in traditional government and banking skyscrapers.
Decentralized autonomous organizations are already trying to run entities without centralized leadership, often implementing intelligent contracts and decentralized voting systems to manage treasures and make decisions. However, until now Dao has not achieved a large -scale success.
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