Crypto-Friendly Swiss City of Lugano Adopts Polygon for Swift Payments
Polygon will help Lugano achieve its goals by providing rails to facilitate some of the transactions.
The Business Forum 2015, which will be held by SWIFT in March, will address key challenges of using bitcoin in the banking system.
Polygon will help Lugano achieve its goals by providing rails to facilitate some of the transactions.
SWIFT has been actively involved in various CBDC-related projects, including a wholesale CBDC initiative in collaboration with the New York Federal Reserve Bank, utilizing a regulated liability network.
The experiment was built on Swift’s earlier successes in connecting Central Bank Digital Currencies (CBDCs) and digital assets with existing and emerging payment systems.
Asides from integrating a USDC payment rail, Xapo Bank recently partnered with Faster Payment System (FPS) to extend its global reach.
The firm said it is advancing to the second phase because of the satisfactory results it got from the first phase of trials.
Businesses and developers can now send US Dollars over the Lightning Network.
For the important role that the SWIFT network has played thus far in keeping global financial integrity, it is confident in being able to develop a functional system that will make CBDCs a globally liquid legal tender as it is currently doing for fiat.
SWIFT and its partners are testing the tokenized asset market with a focus on interconnecting market participants, ensuring interoperability, and simplifying their operations by completing activities centrally.
The Proof-of-Concept will utilize Chainlink’s Cross-Chain Interoperability Protocol (CCIP) while allowing SWIFT messages to instruct token transfers across every blockchain network.
SWIFT shall be working with blockchain solutions provider Symbiant to bring innovation in the financial payments market.