Joseph Lubin, the co-founder of Ethereum and head of ConsenSys, has officially stated that SWIFT — the world’s leading interbank messaging and payments network — will be using Linea, Ethereum’s layer-2 scaling network, to power its upcoming blockchain-based payments system.
Earlier this week, SWIFT disclosed its plan to create a 24/7 settlement platform for digital assets in partnership with ConsenSys and more than 30 traditional finance institutions. While speculation had already pointed to Linea as the likely choice, Lubin confirmed the selection during a discussion at TOKEN2049 in Singapore.
According to Lubin, the decision marks a major turning point where traditional finance (TradFi) and decentralized finance (DeFi) are beginning to merge. “It’s about time these two worlds work together,” he commented, highlighting the positive reaction from the banking sector.
Why Linea?
Linea, developed by ConsenSys, is a zkEVM rollup chain designed to cut Ethereum’s transaction costs significantly while processing faster confirmations. Currently, it ranks as the fourth-largest Ethereum layer 2 network, with over $2.2 billion locked, behind Arbitrum, Base, and Optimism.
SWIFT’s entry into blockchain is particularly significant, given it processes around $150 trillion annually through its traditional rails. The move could also challenge Ripple’s XRP Ledger, which has long been positioned as a blockchain payments solution for banks.
Major Banks Involved
Financial giants including JPMorgan, Bank of America, Citi, and TD Bank are already part of the early trials, signaling strong institutional backing.
Beyond Payments
Lubin also emphasized that Linea isn’t just about faster and cheaper payments. He envisions it as a foundation for community-driven innovation, where users create governance rules, applications, and infrastructure from the ground up, in contrast to top-down control in traditional systems.
If successful, SWIFT’s blockchain settlement layer could redefine global payments, offering real-time, borderless transactions while reducing costs and errors that plague legacy systems.