SWIFT Begins Global Testing of Digital Assets

Global banking network SWIFT, short for Society for Worldwide Interbank Financial Telecommunication, plans to test a new digital infrastructure in 2025 across North America, Europe, and Asia.

Azcnews Swift Begins Global Testing Of Digital Assets

The initiative aims to revolutionize the way billions of dollars in cross-border payments are made every day, by leveraging advances in secure messaging and data transmission.

SWIFT to Advance Digital Asset Transactions

After several trials, SWIFT is moving closer to launching an advanced decentralized infrastructure that will facilitate transactions between public and private blockchains, central bank digital currencies (CBDCs), and other digital assets.

SWIFT plans to deploy this advanced decentralized infrastructure in early 2025, enabling real-time digital asset transactions. If successful, this could open up the possibility of faster and cheaper cross-border payments, a major development for both consumers and businesses.

Tom Zschach, Chief Innovation Officer at SWIFT, said that for digital assets to succeed globally, it is essential that they can coexist seamlessly with traditional forms of currency. The initiative promises to present an exciting opportunity for the thousands of financial institutions that use the SWIFT network.

Thanks to its extensive global network, financial institutions could soon be able to seamlessly switch between established and emerging digital assets without disrupting their existing systems. While similar solutions have long existed in the crypto world, SWIFT’s involvement could bring much-needed legitimacy to the sector.

SWIFT Begins Global Testing of Digital Assets
SWIFT Begins Global Testing of Digital Assets

Missed Opportunity for Crypto Companies?

SWIFT’s decision to integrate blockchain technology into its traditional banking network may be groundbreaking, but it’s not a pioneering effort.

Ripple, a blockchain company, has been working on a similar solution for years. Ripple’s cross-border payments network, Ripple Payment Direct (RPD), allows users to transfer value globally using XRP as a liquidity token.

RPD enables partner banks and financial institutions to exchange fiat currencies flexibly. For example, a user in Europe can send Euros to Asia, and the recipient can receive the equivalent value in the local currency of their choice.

Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has slowed its progress. Despite bringing hundreds of banks and financial institutions onto its platform, many believe that regulatory hurdles have held back its potential.

Meanwhile, Visa, a giant payment processing corporation, has also entered the game recently, introducing a tokenized platform, underscoring the growing interest in combining traditional and decentralized finance.

(1 vote)

1.0/5

(1 vote)

Latest

World’s Richest Youtuber Mrbeast Registers His Own Finance And Crypto Brand

News | Editor Choice | Policy & Regulations

World’s Richest YouTuber MrBeast Registers His Own Finance and Crypto Brand

The world’s richest YouTuber, MrBeast, has made a bold move into the world of finance and cryptocurrency with his new brand “MrBeast Financial”, signaling his ambition to build a global fintech empire.

Deepseek Surpasses Grok And Openai In Crypto Trading Showdown

News | AI | Editor Choice

DeepSeek Surpasses Grok and OpenAI in Crypto Trading Showdown

DeepSeek is making waves across the crypto and tech communities as it takes the lead in Alpha Arena — a live crypto trading competition among the world’s top artificial intelligence models, outperforming both Elon Musk’s Grok and OpenAI’s GPT-5.

Bitcoin’s Two Failed Rallies Signal Weakness

News | Bitcoin | Editor Choice

Bitcoin’s Two Failed Rallies Signal Weakness

The Bitcoin (BTC) market is entering a tense phase as bullish momentum fades after two consecutive failed recovery attempts. While the price still holds key support levels, on-chain data suggests the market may be shifting toward accumulation, with long-term holders (LTHs) quietly building their positions.

Bio Soars 58% After Upbit Listing, Desci Tokens Make A Powerful Comeback

News | Altcoin | Editor Choice

BIO Soars 58% After Upbit Listing, DeSci Tokens Make a Powerful Comeback

South Korea’s crypto market just witnessed a major explosion as Upbit, the country’s largest exchange by trading volume, announced the listing of BIO Protocol’s native token, BIO. Following the news, the altcoin skyrocketed over 58%, while its trading volume surged by more than 500% within hours.

Ripple Chairman Accused Of Dumping 50m Xrp On Retail Investors

News | Altcoin | Editor Choice

Ripple Chairman Accused of Dumping 50M XRP on Retail Investors

The XRP community is in turmoil after a new claim by CryptoQuant analyst Maartunn alleged that Ripple Chairman Chris Larsen sold off 50 million XRP, “dumping” on retail investors. However, industry experts quickly pushed back, clarifying that the transaction was not a sell-off as speculated.

Screenshot 2025 10 20 091338