GeckoPulse: Global Payments Network Swift Coming Onchain?!

SWIFT-ly Coming Onchain

Swift, the pre-emminent global financial messaging service, announced that it is adding a blockchain-based shared ledger to its infrastructure stack to unlock instant, always-on cross-border transactions possible at unprecedented scale.

The announcement was made during Swift’s annual flagship Sibos conference, following recent reports that it was experimenting with onchain migration of its financial messaging system using Ethereum Layer 2 Linea. 

The shared ledger will be developed in partnership with a group of more than 30 financial institutions globally, including Bank of America, Citi, Deutsche Bank, HSBC, JP Morgan Chase, Societe Generale FORGE, and Standard Chartered. It is envisaged that the ledger -- a secure, real-time log of transactions between financial institutions -- will record, sequence and validate transactions and enforce rules through smart contracts. Swift’s focus is on the infrastructure – the types of tokens that will be exchanged on the ledger is the territory of commercial and central banks.

The first use case of the ledger will be real-time 24/7 cross-border payments, and Swift will work with Consensys to develop the first conceptual prototype. Consensys is also the developer of the Linea Layer 2 network. 

Tether, Softbank and ArkInvest Teams Up?

Reports indicate that SoftBank Group and Ark Investment are among the firms discussing participation in a major Tether fundraise.

These reports follow earlier news that Tether was seeking to fundraise between $15-20 billion for a 3% equity stake. This would value the world’s largest stablecoin issuer at ~$500 billion. Cantor Fitzgerald is reportedly advising Tether on this fundraising exercise. 

Tether, Softbank, and Cantor have existing business relationships - earlier this year these firms, together with Jack Mallers, launched bitcoin treasury company Twenty One Capital, which currently holds 43,514 BTC. 

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