Why is Linea up today (September 27)?
The Linea token of Ethereum’s Layer 2 network, backed by Joseph Lubin’s Consensys, jumped nearly 8% to over $0.29 on September 27, following news of Swift testing for interbank messaging.
According to the report, more than a dozen banks, including BNP Paribas and BNY Mellon, are participating in the trials.
Although Linea only began trading on major crypto exchanges this month, a source familiar with the matter said that a global banking consortium had been evaluating Ethereum Layer 2 solutions for several months to explore how its current centralized infrastructure could be transformed.
The Malaysian central bank provided the platform for these experiments. The pilot project will examine both the shift to blockchain-based messaging and the integration of stablecoins.
“The project will take several months before it comes to light, but it promises a serious technological transformation of the international interbank payments industry,” the source said.
Following this announcement, Linea’s native token surged 8% to over $0.29.
Swift chooses next-generation payments
The testing reportedly involves multi-ledger transactions targeting the tokenized assets market, which is expected to reach $30 trillion by 2034.
Swift’s choice of network was reportedly influenced by privacy features enabled through advanced cryptographic proofs, combined with data protection and regulatory compliance, as well as faster speeds, greater transparency, and programmability compared to traditional payment processing methods.
At the same time, Linea’s connection to Ethereum provides established infrastructure and low transaction costs.
As we wrote, Linea token falls 22% after listing amid airdrop selling
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