SWIFT to test asset tokenization 👀; Decentralized exchanges are growing rapidly 🚀; Bank of Russia to ban crypto🇷🇺😬
Good Morning FinTech, December 24
Ho Ho Ho Everyone 🎅
Happy Friday & happy Christmas Eve! Enjoy time with your beloved ones and may the Christmas spirit bring you peace and joy 🎄 This is the last daily newsletter this year, and I shall see you all back on 3 January 2022. But don’t worry, there will be some interesting reads this year too, so stay tuned & subscribe if you haven’t done so yet 👇🏼
And now, let’s jump straight into 3 interesting FinTech stories for today:
SWIFT to test asset tokenization 👀
The news 🗞 The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is planning to conduct a trial early next year that will see the global payments intermediary explore how it may play a role in the nascent asset tokenization market.
Wait, what? 🤔 Swift is planning a series of experiments in the first quarter around improving the exchange of information between the participants and systems that interact during the lifecycle of tokenized assets.
The experiments will thus use central bank digital currencies (CBDCs) as well as established forms of payment.
The organization, which links more than 11,000 institutions, aims to support the issuance, delivery-versus-payment, and redemption processes, demonstrating how it could support “a frictionless and seamless tokenized digital asset market.”