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Leading payment messaging system SWIFT has partnered with over 30 banks to provide blockchain-based ledger payments. SWIFT announced the latest development on Monday during the Sibos conference in Frankfurt. The initiative aims to expand and leverage blockchain technology to deliver real-time, secure, 24/7 cross-border transactions. The payment messaging service confirmed that the development is in its early stages. They revealed that they are starting with a conceptual prototype by Consensys and will advance from thereon. The ongoing development is titled SWIFT phase one, and the next round of blockchain development will begin after the first phase is complete. Also Read: US Treasury’s Gold Reserves Have Surpassed $1 Trillion in Value “SWIFT will work at pace to complete the prototype in phase one and define its future phases of work,” the blockchain-based ledger announcement notes. The payment firm confirmed that organizations from over 16 countries will provide feedback and support...

This week’s Crypto Biz explores Elon Musk’s plans for X, the Italian central bank’s take on DeFi, PacWest’s merger with Banc of California and more. Social media platform X — formerly known as Twitter — may soon advance plans to add financial services to its users, hoping to become the American equivalent of the Chinese super-app WeChat. The concept of super-apps isn’t new. Tech giant Tencent, the company behind WeChat, has been refining the model since 2011. Like Twitter, it began as a social networking platform but quickly became the go-to app for everything in China, from shopping to filing for divorce with one click. Musk believes that, if executed correctly, X could capture “half of the global financial system.” To accomplish that and keep his promise of delivering an “entire financial world” on the platform, the executive might include cryptocurrencies in its plans. There was even a hint that Dogecoin (DOGE) would be a part of it. As the “global town square” where most crypto ...

PostFinance’s parent firm Swiss Post is known for its pro-crypto stance, working on its own crypto custody services and issuing crypto stamp collectibles. PostFinance, a retail bank fully owned by the Swiss government, is preparing to offer cryptocurrency trading and storage services to its customers. The PostFinance bank has partnered with the local cryptocurrency bank Sygnum to offer its customers a range of regulated digital asset banking services, the firms announced on April 5. The partnership will specifically allow PostFinance customers to buy, store and sell major cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). The crypto services are enabled through Sygnum’s institutional business-to- Business offer ing that provides Banks with market entry to regulated and compliant digital products. The B2B network includes more than 15 partner Banks and supports a “range of cryptocurrencies,” also featuring revenue-generating services like staking. PostFinance’s move into cry...