One of the world’s largest financial organizations, SWIFT, recognizes the inevitability of digital assets.
Recently, SWIFT (Society for Worldwide Interbank Financial Telecommunication) announced an event, Hackathon 2022, with the theme “Digital Assets: Exploring Interoperability and Ownership”. In the announcement, SWIFT said “digital assets are a key topic on the innovation agenda, as many industry leading forces know.”
The event will focus on bringing together global fintech leaders to collaborate to solve the problems that arise in building the digital economy. SWIFT aims to invite the brightest minds in the financial industry.
As the theme suggests, attendees will discuss ownership and interoperability issues facing the industry and how they could be addressed using digital assets. Notably, SWIFT said the organization is already experimenting with digital assets in collaboration with major market players and also helping others with its expertise.
The current payment system, of which SWIFT is arguably the largest part, faces critical issues. The current payment method is slow and expensive. Crypto leaders strongly believe that if the market moves in the right direction, huge success can be achieved.
On SWIFT’s part, it’s a smart move that they potentially integrate digital assets into their ecosystem. In this way, they will be able to avoid a competition with payment companies based on the blockchain Ie Ripple.
Blockchain payment companies like Ripple offer much faster, cheaper and secure payment services. However, the industry has its own problems to solve.
Moreover, according to a recent survey, 85% of financial market leaders in the world believe that in the next 4 years, crypto will be able to bring about social change.