As the world of finance continuously evolves, the introduction of innovative technologies is becoming critical. Recently, SWIFT has embarked on a groundbreaking initiative to create a blockchain-based ledger in collaboration with over 30 leading financial institutions.
SWIFT Partners With Global Financial Leaders for Blockchain Initiative
In a recent announcement, SWIFT, formally known as the Society for Worldwide Interbank Financial Telecommunication, revealed its plans to integrate a blockchain ledger into its existing framework. This move aims to revolutionize the way international payments are processed, enabling seamless transactions around the clock.
With more than 11,500 institutions spanning across 220 countries, SWIFT plays a pivotal role, facilitating approximately $150 trillion in global transactions each year. The integration of blockchain technology, which is the backbone of cryptocurrencies, seeks to establish a new standard for cross-border payments.
This initiative aims to deliver real-time payments that are available 24/7, marking a significant step forward in financial technology. SWIFT is collaborating with major banks to create this ledger, initially conceptualized by Consensys, an esteemed blockchain software firm known for its innovative developments in the Ethereum ecosystem.
According to SWIFT’s CEO, Javier Pérez-Tasso:
This ledger will set a new benchmark for financial transactions, positioning our platform at the forefront of the industry’s digital evolution.
At present, banks from 16 different nations are providing valuable insights into the ledger’s development. Key players in the financial sector, including globally recognized banks like JPMorgan Chase, Bank of America, and Citigroup, are actively engaged in this project.
Gayathri Vasudev, the Global Head of Core Payment Rails at JP Morgan, noted:
We are eager to collaborate within this coalition, focusing on optimizing a shared ledger suited for future global payments that prioritize security and immediacy.
The SWIFT blockchain initiative also promises enhanced interoperability, allowing traditional fiat currencies to operate in tandem with emerging digital systems.
SWIFT emphasized:
This strategic initiative is a vital component of our broader vision to enhance the payments landscape, accommodating various value transfer methods while preparing the industry for a future dominated by digital finance.
Bitcoin Shows Signs of Recovery
After experiencing a significant downturn recently, Bitcoin has demonstrated resilience as it rebounds to approximately $112,300, signaling an optimistic trend.
The encouraging bounce in Bitcoin prices has led to considerable liquidations of short positions on derivatives exchanges, highlighting a market shift that investors should pay attention to.
This recent momentum is attracting renewed interest in the cryptocurrency market, paving the way for potential growth and further investment opportunities.
