SWIFT Experiments with Messaging System Transition on Ethereum L2 'Linea'—Report

The Big Whale reported on the 26th that the international banking network SWIFT is conducting an experiment to transition its messaging system on-chain using Ethereum Layer 2 'Linea'. Several financial institutions, including BNP Paribas and BNY Mellon, are participating. According to insiders at the participating banks, the project may take several months to materialize but has the potential to bring significant technological transformation to the international banking settlement industry. SWIFT provides services to over 11,500 financial institutions, but its current system relies on multiple intermediaries, making it complex and centralized.