Banking cooperative and messaging network Swift has announced plans to develop a blockchain-based shared ledger for tokenised asset transactions.
The announcement follows a successful trial of digital asset interoperability that was carried out with asset servicers BNP Paribas Securities Services and Intesa Sanpaolo and Societe Generale – Forge, the French bank’s blockchain business.
The trial involved the exchange and settlement of tokenised bonds with payments in both fiat and digital currencies with SG Forge providing the digital asset and stablecoin and BNPP SS and Intesa Sanpaolo acting as the paying agents and custodians.
The initiative has been hailed by Swift as the first instance of orchestrating tokenised asset transactions as a single, coordinated process across both blockchain platforms and traditional systems and, consequently, a milestone in the rapidly developing digital assets market.
“By proving that Swift can orchestrate multi-platform tokenised asset transactions, we’re paving the way for our members to adopt digital assets with confidence, and at scale. It’s about creating a bridge between traditional finance and emerging technologies,” said Thomas Dugauquier, tokenised assets product lead at Swift.
