A major financial institution that handles around $150T in payments annually is eyeing a tokenized future. It’s SWIFT, and it plans to add a blockchain-based ledger to its global payment infrastructure.
By building the underlying blockchain network, SWIFT will enable commercial and central banks to move tokenized assets – including digital assets, stablecoins, and other regulated assets – seamlessly and securely across its payment network.
Importantly, the ledger will serve as a real-time, tamper-resistant record of transactions and automatically enforce compliance rules.
The project is based on a conceptual prototype developed by Consensys, an Ethereum developer, and is the result of years of experimentation with tokenization and blockchain technology by SWIFT.
In fact, it’s part of a broader dual-track strategy: modernizing existing fiat rails while building next-gen digital infrastructure.
Financial bigwigs have hailed the move as a major turning point for the future of payments. ANZ’s Banking Services Lead Nigel Dobson said it’s a ‘pivotal step toward global, instant, always-on cross-border transactions.’
Meanwhile, Eva Rubio, Head of Global Transaction Banking at BBVA called it a ‘game-changer for the future of cross-border payments.’
Another standout feature is its cross-chain swap tool. By connecting you to over 330 DEXs and 30 bridges, it enables you to exchange tokens at the lowest available rates.
Additionally, it’s gearing up to expand its capabilities further, with the upcoming launch of the Best Wallet crypto debit card, an NFT gallery, and market intelligence analytics – and that’s just scratching the surface.
As a non-custodial wallet, you can rest assured knowing that only you have control over your private keys and, therefore, your assets.
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Disclaimer: This isn’t investment advice. Always DYOR and never invest more than you’d be sad to lose.
