SWIFT Announces Digital Asset Solutions

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. SWIFT’s Objectives and Planned Innovations
  2. Ethereum Connections and Experimental Technologies
  3. Outlook for Tokenized Asset Integration


    4. On Sept. 11, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced plans to develop real-world solutions enabling its members to access and transact with regulated digital assets and currencies.

    SWIFT’s Objectives and Planned Innovations

    SWIFT aims to empower its members to transact with both traditional and emerging crypto assets over its interbank network. Established in 1973 in Belgium, SWIFT is a cooperative owned by the banks and other member firms that use its services.

    Ethereum Connections and Experimental Technologies

    Matthew Sigel, head of digital asset research at VanEck, observed that Ethereum is the only layer-1 blockchain SWIFT has mentioned in such communications. SWIFT’s experiments focus on interoperability between traditional finance and emerging technologies like tokenized assets and central bank digital currencies (CBDCs).

    Outlook for Tokenized Asset Integration

    SWIFT acknowledged the growth in tokenized real-world assets, citing Standard Chartered research that estimated the market size to reach $30 trillion by 2034. The organization noted that the current platforms and technologies are fragmented, creating complexity for institutional investors. In its experiments, SWIFT successfully demonstrated the transfer of tokenized value across public and private blockchains and plans to evolve its infrastructure to facilitate various use cases in digital asset transactions.

    While SWIFT’s announcement is promising for crypto, it is highly unlikely that users will be able to send decentralized digital assets like Bitcoin or Ethereum over the network. However, it could benefit the underlying infrastructure, such as Ethereum and Chainlink, which SWIFT has already conducted experiments with.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Grayscale Appoints BitGo as Custodian for Hyperliquid Staking ETF

Grayscale has appointed BitGo Bank Trust as an additional custodian for its Hyperliquid Staking ETF to enhance custody services and operational flexibility.

user avatarAndrew Smith

Avalanche Sees Surge in Tokenized US Treasury Assets

The value of tokenized US Treasury assets on the Avalanche network has surged to approximately $545 million, marking a fourfold increase over the past year.

user avatarJacob Williams

Metaplanet Shows Liquidity Management with Strategic Bitcoin Transactions

Metaplanet sold 10,000 BTC for approximately $790 million and bought back 11,000 BTC for around $950 million, demonstrating its ability to manage liquidity effectively.

user avatarSon Min-ho

Navra Secures $19 Million in Series A Funding to Bridge Traditional Finance and Blockchain

Navra, a startup led by Mike Cagney, has successfully raised $19 million in Series A funding to enhance access to blockchain-based financial markets for traditional investors.

user avatarZainab Kamara

Arbitrum Proposes Strategic Initiative for USDG Stablecoin

Arbitrum has proposed a governance initiative to back USDG as a core strategic stablecoin within its ecosystem, including adding 100 million ARB to enhance liquidity and adoption.

user avatarTando Nkube

BitGo and HashKey Cloud Expand Partnership in Asia-Pacific

BitGo and HashKey Cloud have expanded their partnership to cover multiple areas of institutional crypto infrastructure, including staking, trading, custody, and asset tokenization in Singapore.

user avatarAyman Ben Youssef

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.