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By Teeka Tiwari

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the backbone of the global financial system.

It connects over 11,000 banks and financial institutions in over 200 countries… including the U.S. Federal Reserve. And around $5 trillion flows through it every day.

The first message sent through the SWIFT network was in 1977. And despite all the technological improvements over the past four decades, the process remains nearly unchanged today.

This is why it still can cost over $100 to send a wire. And if you’re sending an international wire, it can take up to five days to clear.

To keep up with the modern era, SWIFT recently ran a trial using a blockchain protocol for real-time settlement, 24/7. Meaning no more waiting days for your wire to arrive.

The trial showed that SWIFT can provide an easy way for countries and businesses to interact with each other in a financial system based on central bank digital currencies, or CBDCs.

Tom Zschach, SWIFT’s chief innovation officer, hailed the successful trial, saying:

For tokenization to reach its potential, institutions will need to be able to seamlessly connect with the whole financial ecosystem. Our experiments have demonstrated clearly that existing secure and trusted SWIFT infrastructure can provide that central point of connectivity.

Friends, this is just more proof of my prediction that we’ll see nearly every asset in the world tokenized and recorded on the blockchain – creating entirely new markets.

I call this trend Crypto’s Third Wave. And a new venture launching by the end of the year will kick off this massive $100 trillion opportunity.

Real-World Assets Are Coming On-Chain

I’ve been predicting the tokenization of real-world assets (RWAs) since I recommended Ethereum back in 2016.

At that time, the technology was still in its infancy. But we’ve seen incredible innovations like smart contracts launch on Ethereum since then.

I won’t get into the details, but these contracts make it simpler, safer, faster, and cheaper to transact the rights of RWAs over the blockchain (more on this below).

Now, some of you may be rolling your eyes when you hear me talk about “tokenization.”

After all, non-fungible tokens (NFTs) of collectibles like digital art were all the rage in 2020–21.

We saw a buying frenzy as collectors paid millions of dollars for NFTs. One piece of digital artwork even sold at an auction for $69 million.

But understand this: Just like posting electronic “bulletins” online was the among the early initial use cases of the internet… Collectibles were the first use case of NFT technology.

We’re now seeing tokenization technology rapidly improve to “on-chain” assets like commodities, precious metals, and real estate.

Take Goldman Sachs, for example. It’s the fifth-largest U.S. bank ranked by total assets held ($1.6 trillion).

Recently, the bank processed a $100 million bond over the blockchain for one of its clients.

Normally, a bond sale like that would settle in five days. That means the money would be tied up for five days.

That might not seem like a big deal. But if you put $100 million in a money market fund that pays 5.5%, you could make more than $75,000 in interest.

For banks, that’s the real cost of having to wait five days to settle a transaction.

With blockchain, that bond sale settled in just one hour. So you can see why major financial firms are racing to adopt blockchain technology.

Not only is it safer, faster, and more efficient, it has the potential to save them billions of dollars by cutting down on settlement times.

That’s where our opportunity comes…

These incumbent financial institutions are NOT going to rebuild capital markets themselves. They don’t have the expertise for that.

They’ll have to collaborate with existing blockchain technology platforms. And that’s where we come

A Powerhouse Venture

The new venture I’m talking about is EDX Markets. (I wrote about EDX in Thursday’s Daily.)

EDX is a digital asset exchange that launched in June 2023. It allows financial and crypto-native firms to trade digital assets.

The venture is led by Sequoia Capital, the firm behind startups like Google, Apple, Cisco, Instagram, PayPal, YouTube, and Airbnb.

It’s also backed by some of Wall Street’s biggest financial firms, including Charles Schwab and Fidelity. And it will be run by former executives from CME Group, Citadel Securities, and Goldman Sachs.

Combined, these firms have more than $11.5 trillion in assets under management and 77 million active broker accounts.

Currently, EDX Markets only supports trading of bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). I expect the number of digital assets traded to grow as the marketplace expands.

While EDX Markets is already live, it plans to complete the rollout of its EDX Clearinghouse by the end of the year. The clearinghouse settles trades on the marketplace.

The launch of the clearinghouse is a big deal because it’ll be an institutional-grade trading desk that all of Wall Street can use.

Right now, if you run a bank, brokerage, or big financial institution, it’s very difficult to get in and out of crypto. It’s like you’re stuck on a narrow bicycle path.

With the rollout of the clearinghouse, massive financial institutions will be able to get in and out of crypto much easier. It’ll be like opening a massive 16-lane superhighway for semi-trucks loaded with institutional cash.

According to Reuters, there’s over $100 trillion in assets in the U.S. alone.

So when EDX flips the switch on the clearinghouse, we could potentially see trillions of dollars’ worth of RWA transactions settle on this exchange.


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