Swift promotes Blockchain shared ledger, collaborating with Consensys to develop a 24/7 cross-border payment prototype.

On September 29, the global cross-border payment infrastructure Swift announced that it would introduce a blockchain shared ledger in its own system and collaborate with Ethereum software developer Consensys to create a conceptual prototype, planning to simultaneously gain support from over 30 major financial institutions around the world. However, the news disappointed many in the crypto world, as Swift did not choose public chains such as XRP, HBAR, or Ethereum, breaking years of speculation and leaving many with missed “catch a falling knife” opportunities. In contrast, Joe Lubin, the founder of Consensys, saw his Ether reserve company Sharplink benefit from this collaboration, with its stock price rising more than 7% on the same day.

Implementing a Blockchain shared ledger, aiming for 24/7 instant cross-border payments.

Javier Pérez-Tasso, the CEO of Swift, stated that Swift currently provides a robust payment infrastructure and will introduce blockchain shared ledger in the future to offer real-time, 24/7 uninterrupted cross-border payment services.

Consensys is primarily responsible for creating a conceptual prototype in this collaboration, with the main goal being “24/7 instant cross-border payments.” The core design of the new system includes:

Complete transaction records: can be sorted and verified in real-time, and automatically execute rules through smart contracts.

Infrastructure Positioning: Swift focuses on providing underlying systems, while the types of tokens used for transactions are left to various commercial banks and central banks to decide.

High Interoperability: Shared ledgers will support both existing payment networks and emerging systems, ensuring a smooth global financial chain.

The new and old payment systems are running concurrently, with plans supported by more than 30 institutions worldwide.

Swift pointed out that this is a natural extension after a series of digital asset pilots over the past two years, aiming to facilitate smoother capital flow between different financial systems.

This project has also received support from over 30 Financial Institutions from 16 countries, including Bank of America, JPMorgan Chase, HSBC, Deutsche Bank, Citigroup, Mizuho, Mitsubishi UFJ, and Spain's BBVA.

The crypto world is disappointed as the Swift blockchain project elicits polarized reactions.

On major forums like Reddit or Twitter (X), many netizens are looking forward to Swift directly adopting a specific public blockchain for cross-border payments, such as XRP, HBAR, or Ethereum (Ethereum). Because once Swift chooses to collaborate with a certain public blockchain, it will drive up the coin price of that chain, and many people want to catch a falling knife.

However, in the news of Swift's collaboration, Swift did not select any single public blockchain, but chose to cooperate with Consensys to build a private shared ledger, focusing on “24/7 real-time cross-border payments” and “interoperability”. This approach is seen as emphasizing compliance, security, and multi-system connectivity, rather than relying on a public chain.

Subsequently, many disappointed comments emerged, with one netizen stating:

“The XRP community is heartbroken, Swift has no intention of using the public chain, and no one wants to catch a falling knife.”

On Twitter (X), netizens sarcastically commented “the hype over the years has finally collapsed,” specifically mentioning that XRP has been bypassed again.

Sharplink's stock price benefits indirectly, rising over 7%.

Due to the fact that Consensys founder Joe Lubin also serves as the chairman of the board for Ethereum reserve company Sharplink, this wave of cooperation news has also indirectly boosted Sharplink's stock price. After the news broke, Sharplink's stock price rose by more than 7% on that day.

This article discusses Swift promoting blockchain shared ledgers and collaborating with Consensys to develop a 24/7 cross-border payment prototype, first appearing in Chain News ABMedia.