ConsenSys CEO confirms partnership as global messaging network embarks on 24/7 digital asset settlement system
The Society for Worldwide Interbank Financial Telecommunication has selected Ethereum layer-2 network Linea as the foundation for its blockchain-based payment settlement platform, ConsenSys CEO Joe Lubin confirmed at the Token2049 conference in Singapore.
The announcement resolves speculation that emerged following SWIFT's Monday disclosure of a partnership with ConsenSys and more than 30 traditional financial institutions to develop infrastructure for round-the-clock real-time cryptocurrency payment processing.
During a fireside discussion with Cointelegraph's Gareth Jenkinson, Lubin explained that SWIFT CEO Javier PĂŠrez-Tasso deliberately avoided naming the specific blockchain during the initial announcement to the banking sector, opting instead for a measured rollout of the initiative.
"The sentiment was, 'thank you for doing this,'" Lubin noted, characterizing the reception as recognition that consolidating decentralized finance and traditional finance infrastructure was overdue.
Technical Infrastructure
Linea, developed by ConsenSys, utilizes zero-knowledge Ethereum Virtual Machine rollup technology to deliver approximately 1.5 transactions per second while reducing transaction costs to roughly one-fifteenth of mainnet Ethereum fees.
The network currently ranks fourth among Ethereum layer-2 solutions by total value locked at $2.27 billion, according to L2BEAT data, trailing Arbitrum One, Base Chain, and OP Mainnet.
SWIFT's blockchain integration represents a significant development given the organization's current facilitation of approximately $150 trillion in annual cross-border payments through conventional banking infrastructure.
Participating Institutions
Major financial institutions including Bank of America, Citi, JPMorgan Chase, and Toronto-Dominion Bank will participate in pilot programs for SWIFT's blockchain payment rail on Linea.
The initiative positions SWIFT as a potential competitor to Ripple's XRP Ledger, currently among the limited number of institutional-grade blockchain payment systems specifically designed for banking applications.
Industry observers have long anticipated SWIFT's entry into blockchain-based settlement, which offers continuous availability, instantaneous settlement without intermediary involvement, and reduced operational costs and error rates compared to legacy systems.
Strategic Vision
Beyond payment processing, Lubin articulated a broader vision for Linea as a platform enabling decentralized content creation and community-driven infrastructure development.
"We will have user-generated civilization and user-generated content on Linea and other places," Lubin stated, emphasizing that Ethereum's trustless settlement layer allows communities to construct governance frameworks and applications through bottom-up development rather than traditional hierarchical structures.
While decentralized autonomous organizations have attempted to implement such models through smart contracts and distributed voting mechanisms for treasury management and decision-making, few have achieved sustainable large-scale operations to date.
The SWIFT initiative represents one of the most significant institutional adoptions of public blockchain infrastructure for core financial market operations.
DISCLAIMER
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments involve substantial risk and extreme volatility - never invest money you cannot afford to lose completely. The author may hold positions in the cryptocurrencies mentioned, which could bias the presented information. Always conduct your own research and consider consulting a qualified financial advisor before making any investment decisions.
About Alex CK
Alex âCryptoKrabbeâ is a veteran crypto trader, former Ethereum miner, and market analyst with 8+ years in the space. Known on Reddit as u/CryptoKrabbe, he breaks down institutional flows, on-chain data, and macro trends with clarity and edge.
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