Joe Lubin confirms SWIFT is using Linea to build its new payments system

Consensys CEO Joe Lubin has revealed that SWIFT will utilize the Ethereum layer 2 Linea blockchain to establish its new crypto payments ledger. The announcement was made during a fireside chat at an event in Singapore, where Lubin confirmed Linea's selection, despite SWIFT not mentioning it explicitly during their initial announcement. SWIFT, responsible for approximately $150 trillion in global payment transactions yearly, is partnering with Consensys and over 30 traditional financial institutions to create a 24/7 real-time crypto payments system. Linea, developed by Consensys, is designed to enhance transaction processing efficiency using zk-EVM rollup technology and offers significant cost savings over Ethereum. The collaboration could position SWIFT’s blockchain payment system as a strong competitor to Ripple’s XRP Ledger. Lubin also noted Linea's potential beyond payments, envisioning a platform for user-generated content and governance through decentralized technologies, which could significantly impact how communities interact and build economic infrastructures.

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