Key Takeaways
Financial messaging giant SWIFT has announced plans to facilitate the burgeoning tokenized asset market.
It will conduct experiments in Quarter 1 of 2022 to assess its role as a connector of tokenized assets.
Estimates by the World Economic Forum project a tokenized asset market capitalization of $24 trillion by 2027.
Share this article
The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, has announced plans to support the rapidly-growing tokenized asset market.
New Year’s Plans
SWIFT, a leading provider of secure financial messaging services, has published plans to support tokenized asset markets globally by the first quarter of 2022.
To that end, SWIFT has announced that it will conduct “a series of experiments in Q1 2022 leveraging its trusted role as a central platform” to explore its possible utility within the burgeoning industry. Specifically, SWIFT says it is exploring ways in which it can “enable and improve interoperability between participants and systems during the transactional lifecycle of tokenised assets.”
SWIFT’s focus will be to help “all entities” interconnect efficiently, supporting the smooth flow of tokenized assets by linking tokenization platforms. It will only deal with regulated assets, and it will not custody cryptocurrency nor act as a direct settler of tokenized assets.
Working with other major institutions in the industry, SWIFT says it will “explore the issuance, delivery versus payment (DVP), and redemption processes, to support a frictionless and seamless tokenised asset market.”
The experiments that SWIFT has planned for next quarter will build on its past work. In May, SWIFT published work done with the consulting firm Accenture in which it examined what role it could play in supporting the adoption of CBDCs.
Chief Innovation Officer at SWIFT, Thomas Zschach, spoke of the natural fit for SWIFT to support tokenized assets globally:
“As a neutral cooperative with a reach across 11,000 institutions in more than 200 countries, and oversight by central banks globally, SWIFT is uniquely placed to engage closely in the future of securities.”
SWIFT’s announcement does little to elucidate the nature of these “experiments;” however, it is at least apparent from today’s announcement that whatever the nature of its role turns out to be, SWIFT intends to be a central player in the emerging tokenized assets industry.
Disclosure: At the time of writing, the author of this piece owned BTC and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Kevin O’Leary Discusses Crypto’s Path to Institutional Ado…
Crypto Briefing sits down with Kevin O’Leary to discuss crypto as software, DeFi, NFTs, and institutional adoption of the asset class. How O’Leary Sees Crypto as Software Kevin O’Leary is…
American Rap Icon Lil Yachty Gets Tokenized on Ethereum
The 23-year-old rap icon Lil Yachty is teaming up with Fyooz, a Swiss app that leverages tokenization to give fans access to artists and influencers. Lil Yachty is one of…
Audience Survey: Win A $360 Subscription To Pro BTC Trader
We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…
A Week in the Metaverse: Miami Art Week 2021 Reviewed
Crypto Briefing explores the NFT and Metaverse events coinciding with Miami Art Week 2021. On the Ground at Miami Art Week Miami in the winter months is a magical place….
Be the first to comment