SWIFT Will Explore Tokenized Asset Market in 2022


Key Takeaways

Financial messaging big SWIFT has introduced plans to facilitate the burgeoning tokenized asset market.
It will conduct experiments in Quarter 1 of 2022 to evaluate its function as a connector of tokenized property.
Estimates by the World Economic Forum undertaking a tokenized asset market capitalization of $24 trillion by 2027.

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The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, has introduced plans to help the rapidly-growing tokenized asset market. 

New Year’s Plans

SWIFT, a number one supplier of safe monetary messaging companies, has revealed plans to help tokenized asset markets globally by the primary quarter of 2022.

To that finish, SWIFT has introduced that it’ll conduct “a series of experiments in Q1 2022 leveraging its trusted role as a central platform” to discover its attainable utility throughout the burgeoning trade.  Specifically, SWIFT says it’s exploring methods by which it may “enable and improve interoperability between participants and systems during the transactional lifecycle of tokenised assets.”

SWIFT’s focus will probably be to assist “all entities” interconnect effectively, supporting the graceful move of tokenized property by linking tokenization platforms. It will solely take care of regulated property, and it’ll not custody cryptocurrency nor act as a direct settler of tokenized property. 

Working with different main establishments within the trade, SWIFT says it’s going to “explore the issuance, delivery versus payment (DVP), and redemption processes, to support a frictionless and seamless tokenised asset market.” 

The experiments that SWIFT has deliberate for subsequent quarter will construct on its previous work. In May, SWIFT revealed work carried out with the consulting agency Accenture by which it examined what function it may play in supporting the adoption of CBDCs.

Chief Innovation Officer at SWIFT, Thomas Zschach, spoke of the pure match for SWIFT to help tokenized property 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 character of those “experiments;” nonetheless, it’s not less than obvious from at present’s announcement that regardless of the nature of its function seems to be, SWIFT intends to be a central participant within the rising tokenized property trade.

Disclosure: At the time of writing, the creator of this piece owned BTC and several other different cryptocurrencies. 

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