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BNP Paribas and BNY Mellon Join SWIFT’s Ethereum Layer-2 Payment Trial

BNP Paribas and BNY Mellon Join SWIFT’s Ethereum Layer-2 Payment Trial

Joe Lubin of Consensys announces SWIFT’s adoption of Ethereum’s Linea blockchain to build a crypto payments ledger, enhancing the global payments ecosystem.

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Fact Check
Multiple sources confirm that SWIFT is conducting blockchain pilots involving both BNP Paribas and BNY Mellon. Several recent articles (Sources 3, 5, 8, 12, 14) explicitly state these trials are using Linea, a well-known Ethereum Layer-2 network, for stablecoin settlements and tokenized asset transfers, which constitutes a payment-related trial.
    Reference: 1
Summary

Joe Lubin, CEO of Consensys, confirmed that SWIFT will utilize the Ethereum layer-2 Linea blockchain to create its crypto payments ledger. This decision marks a significant shift in SWIFT’s strategy to incorporate blockchain technology, enhancing cross-border payment capabilities and maintaining its competitiveness in the evolving digital payments landscape.

Terms & Concepts
  • Ethereum Layer-2: A secondary framework built on top of the Ethereum blockchain to improve scalability and transaction speed without compromising security.
  • Linea Blockchain: A layer-2 scaling solution for Ethereum developed by Consensys, designed to support more efficient and cost-effective transactions for decentralized applications.