SWIFT, the backbone of global interbank messaging connecting over 11,000 institutions across 200+ countries, is reportedly taking its first steps into the onchain world. According to a report by The Big Whale, the organization has launched a pilot project on Ethereum layer 2 (L2) network Linea, developed by Consensys, in collaboration with major banks including BNP Paribas and BNY Mellon.
From TradFi to DeFi: A Strategic Shift
The experiment aims to test whether SWIFT's traditionally centralized messaging system can operate efficiently in a decentralized environment. Linea uses zero-knowledge rollup (zk-rollup) technology to batch transactions off-chain and submit succinct cryptographic proofs to Ethereum mainnet, significantly reducing gas fees and alleviating network congestion. Gregery Raymond, co-founder of The Big Whale, cited journalist Aleksandar Bukovski who revealed the details: 'SWIFT and several global banks have hitched their onchain trial run to Linea.'
Project Timeline and Potential Impact
Raymond noted that the project is still in development. An anonymous source stated: 'The project will take several months to materialize, but it promises an important technological transformation for the international interbank payments industry.' If successful, SWIFT's onchain messaging system could revolutionize how traditional finance (TradFi) views blockchain efficiency, potentially reducing settlement times from days to minutes.
Blurring Lines Between Legacy and Decentralized Rails
This bold experiment marks one of the first major forays by a legacy financial infrastructure giant into Ethereum L2. The choice of Linea — backed by Consensys and leveraging cutting-edge cryptography — underscores the growing institutional interest in non-custodial, scalable blockchain solutions. Industry observers believe that if SWIFT's trial matures, it could pave the way for wider bank adoption of decentralized technology, further blurring the line between traditional banking and decentralized finance (DeFi). The coming months will reveal whether this exploration becomes a permanent shift in global interbank communications.