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

Consensys CEO Joe Lubin has confirmed that SWIFT will use the Ethereum layer 2 Linea blockchain for its new crypto payments ledger. SWIFT recently announced a collaboration with Consensys and over 30 traditional finance institutions to develop a 24/7 real-time crypto payments system. Although SWIFT's CEO did not mention Linea specifically at the announcement, Lubin emphasized the importance of integrating decentralized finance (DeFi) with traditional finance (TradFi). Developed by Consensys, Linea is designed for scalability, using zk-EVM rollup technology to efficiently process transactions at one-fifteenth the cost of Ethereum fees. SWIFT handles around $150 trillion in global payments annually, making its entry into blockchain payments significant, potentially positioning it as a competitor to Ripple’s XRP Ledger. Lubin also highlighted Linea's potential for user-generated content and infrastructure, allowing decentralized organizations to operate without centralized control, while few DAOs have achieved large-scale success so far.

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