Ethereum co-founder and Consensys CEO Joe Lubin has confirmed that Consensys is building a blockchain-based ledger prototype for global financial messaging giant Swift. In an interview with Bloomberg’s Dani Burger, Lubin described the effort as an early-stage collaboration between Swift’s technical teams and Consensys engineers.
Lubin noted that the project, still in the prototype phase, will center on ISO 20022-compliant financial messaging standards. He highlighted that Swift is continuing its traditional role in secure financial messaging but acknowledged that some participating banks have shown interest in exploring potential settlement functionalities. While he withheld specific details on completion dates, Lubin disclosed a defined internal timeline, noting that development work is ongoing.
Banks and Technologists Join Forces
Lubin stated that teams from both Swift and Consensys are in active development, with several major financial institutions, including JPMorgan, expressing interest. He referred to the initiative as a “prototype” meant to test messaging and ledger capabilities before broader implementation.
The Ethereum co-founder also explained that the project signals a shift in attitude within the financial sector. He noted that, unlike in previous years when decentralized finance (DeFi) and traditional finance (TradFi) operated in isolation, there is now a growing willingness for collaboration.
Digital Asset Trusts and Ethereum Growth
Lubin also discussed the growing adoption of Digital Asset Trusts (DATs), which he described as a “no-brainer” for the Ethereum ecosystem. He said hundreds of companies have already adopted the model this year, including several in Japan and small to medium-sized enterprises globally.
Adding to this sentiment, Lubin noted that DATs allow companies to accumulate Ether as productive, yield-bearing assets, contrasting them with non-yielding assets, such as Bitcoin. Consensys and other Ethereum-based firms are focusing on developing strategies that strike a balance between capital accumulation and yield generation through staking and protocol investments.
According to Lubin, this structure adds to long-term ecosystem stability by dampening volatility. He said that underperforming DATs could become acquisition targets, strengthening the overall Ethereum network. Lubin compared the growing Ethereum-based model to a decentralized version of Berkshire Hathaway, an entity accumulating high-value assets to support sustainable growth within the blockchain economy.
Evans Kelvin
