SWIFT To Test Cross Border CBDC Payments With Capgemini, Crypto Market Remains Muted

SWIFT has partnered up with Capgemini to test CBDC applications in cross-border payments and how to make them seamless for the consumer. Crypto market continues to be in the red.

Outlook Money Team

Updated on: 24 May 2022 12:52 pm

SWIFT has partnered up with Capgemini to test CBDC applications in cross-border payments

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has partnered with French IT company Capgemini to conduct new experiments on interlinking various domestic Central Bank Digital Currency (CBDCs) and integrate them with a seamless cross-border payments network.

Click here to read more about how fintech solutions are helping India’s cross-border remittances.

The global crypto market capitalisation fell by 1.94 per cent to $1.26 trillion as of 8.50 pm. However, the global crypto trading volume was up by 34.95 per cent to $83.81 billion, as per Coinmarketcap data.

Follow our WhatsApp channel

We’re collaborating with @Capgemini to explore how SWIFT can interlink the multiple domestic-based #CBDC networks emerging worldwide to make cross-border payments with #DigitalCurrencies more seamless & frictionless.

Learn more: https://t.co/SgvjDf1dl4 pic.twitter.com/99g99A070H
— SWIFT (@swiftcommunity) May 19, 2022

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $29,243.02, lower by 2.85 per cent in the last 24 hours. Ethereum (ETH) was down by 1.97 per cent to $1,984.49.

"Bitcoin and other major crypto continue to struggle despite stocks performing considerably well. The effects of the Terra collapse will continue to affect the crypto investment system for a while," says Gaurav Dahake, CEO and founder, Bitbns.

Among other significant coins, Cardano (ADA) was down by 3.41 per cent at $0.517, Algorand (ALGO) was trading with a loss of 4.23 per cent at $0.4175 and Solana (SOL) was trading with a loss of 4.62 per cent at $49.69. However, Polkadot (DOT) was up by 0.09 per cent at $10.04 and Binance Coin (BNB) rose 2.24 per cent at $324.99.

Today’s top gainer was Kujira (KUJI), which was up 556.37 per cent at $0.03324. The top loser was T99 Token (TNN), which was down 94.21 per cent at $0.0004118.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 1.69 per cent at $0.0841. Its volume to market cap ratio stands at 0.0461. Rival Shiba Inu (SHIB) was down by 0.12 per cent at $0.00001185.

Dogelon Mars (ELON) lost 3.64 per cent to trade at $0.0000004884 and Floki Inu (FLOKI) 2.19 per cent at $0.00001017. Samoyed Coin (SAMO), however, was up by 0.31 per cent at $0.005778.

In the DeFi segment, YFI (yearn.finance) was down by 2.65 per cent at $9,059.04, Terra (LUNA) was trading with a loss of 17.56 per cent at $0.0001662 and Avalanche (AVAX) was down by 5.64 per cent at $29.44. However, Uniswap (UNI) was trading with a gain of 5.14 per cent at $5.71 and Aave (AAVE) was up 7.17 per cent at $99.73.

Latest Update

Last year SWIFT conducted some CBDC experiments that demonstrated that they could successfully organise a cross-border transaction between one entity on a DLT-based CBDC network and a second running on an established real-time gross settlement (RTGS) system. Now this year they want to take this up further.

Thomas Zschach, Chief Innovation Officer, SWIFT said in a blogpost, “Today, the global CBDC ecosystem risks becoming fragmented with numerous central banks developing their own digital currencies based on different technologies, standards and protocols.”

“Different systems and different CBDCs will need to be able to efficiently work together, or it will hamper the ability of businesses and consumers to make frictionless cross-border payments using CBDCs.”