SWIFT has announced plans to facilitate the growing tokenized assets market. In Q1 2022, it will conduct experiments to evaluate its role as their connector.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has announced plans to support the fast-growing tokenized assets market by 1Q 2022, Crypto Briefing reports. To this end, the giant announced that it will conduct “a series of experiments in Q1 2022 leveraging its trusted role as a central platform” to explore its possible usefulness in a growing industry. SWIFT said it is exploring ways to “enable and improve interoperability between participants and systems during the transactional lifecycle of tokenised assets.”
SWIFT will focus on helping all organizations communicate effectively by supporting the seamless flow of tokenized assets by connecting tokenization platforms. The giant also said it will only deal with regulated assets, will not store cryptocurrency, and will not act as a direct calculator of tokenized assets. Working with other major organizations in the industry, SWIFT explores the issuance, delivery versus payment (DVP), and redemption processes, to support a frictionless and seamless tokenized asset market.
SWIFT Director of Innovation Thomas Zschach spoke about the natural suitability of SWIFT to support tokenized assets around the world:
“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.”
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.