SWIFT Embarks on Ethereum Blockchain Pilot With Major Banks
SWIFT, a global financial messaging system, has embarked on a significant pilot project using Ethereum's blockchain technology. The trial, involving over 30 global institutions, including major banks like PNC Bank and US Bank, marks a substantial step in Ethereum's adoption and a convergence of traditional finance (TradFi) and decentralized finance (DeFi).
The trial focuses on Ethereum's Layer-2 solution, Linea, developed by Consensys. Linea, a zkEVM rollup, enables faster and cheaper transactions while maintaining Ethereum's security. The participating banks, which include BNP Paribas, BNY Mellon, Bank of America, Citi, Deutsche Bank, JP Morgan, and Wells Fargo, will test on-chain booking systems, bringing on-chain messaging and payments closer to mainstream banking.
SWIFT views this as a secure, programmable ledger that can reduce settlement risks and delays. The pilot's timing also supports the argument that Ethereum is well-positioned for future growth, with some analysts expecting it to test higher levels in the coming years. If even a fraction of SWIFT's traffic shifts on-chain, it could dramatically increase demand for ETH as settlement fuel, potentially impacting long-term Ethereum price predictions.
This partnership signals a clear shift, with traditional finance no longer ignoring blockchain. By choosing Ethereum for this pilot, SWIFT acknowledges its growing dominance in enterprise projects and its role in future financial experiments. The convergence of TradFi and DeFi, as described by Consensys, is now being tested at a global scale.
