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Swift Tests Onchain Migration via Ethereum Layer 2 Linea

Swift Tests Onchain Migration via Ethereum Layer 2 Linea

Joe Lubin confirms SWIFT’s adoption of Ethereum Layer-2 Linea blockchain for building a crypto payments ledger, marking a significant step in blockchain integration for global banking.

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Fact Check
The statement is directly and explicitly confirmed by two recent news sources in the evidence (CoinGape and The Block). Both sources report that SWIFT is testing blockchain transactions or onchain migration using the Ethereum Layer 2 platform Linea. The other evidence, while older, establishes a consistent history of SWIFT conducting blockchain interoperability pilots, which supports the plausibility of this new development. No evidence contradicts the claim.
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Summary

ConsenSys CEO Joe Lubin has confirmed that SWIFT will utilize the Ethereum Layer-2 Linea blockchain to construct its crypto payments ledger. This collaboration underscores the ongoing integration of blockchain technology into the global financial system, enhancing efficiency in cross-border transactions.

Terms & Concepts
  • Ethereum Layer 2: A secondary framework built atop Ethereum to improve scalability, reduce costs, and enhance transaction speeds.
  • Linea: An Ethereum Layer 2 scaling solution developed by ConsenSys, designed to enable faster, more efficient, and cost-effective blockchain transactions.