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SWIAT expands blockchain collaboration with IT service provider now
SWIATa fintech company specializing in blockchain software for open and decentralized financial market infrastructures, has expanded its collaboration with the IT service provider Now.
Together, they are introducing a new product, `SWIAT Access`, which aims to provide financial institutions with streamlined access to SWIAT’s blockchain ecosystem. SWIAT Access works like an Internet router, facilitating a simple and secure connection between banks’ IT systems and SWIAT’s blockchain network, leveraging today’s IT expertise.
The launch of SWIAT Access responds to the significant interest in blockchain technology among financial institutions and the common challenge of lacking the IT capabilities required for blockchain projects. The product eliminates the need for in-house IT resources, with SWIAT providing blockchain access technology that can be installed in a matter of days.
SWIAT Access provides financial institutions with easy access to digital assets, tailored to their specific needs. It works with or without additional key management software, similar to a crypto custody solution, allowing banks to engage in various blockchain use cases related to regulated digital assets without extensive technological preparation.
Past partnership developments
The introduction of SWIAT Access underscores the successful collaboration between SWIAT and adesso, with adesso as a strategic partner of SWIAT from autumn 2023. It is also now one of nine validators in the SWIAT blockchain network, a role that ensures the validation and correct execution of blockchain function calls. The integration of validators enhances the security of the SWIAT ecosystem, which specializes in regulated digital assets, and strengthens the reliability of its infrastructure for the financial sector, lowering the barriers to entry.
SWIAT’s goal with its blockchain-based platform is to establish a global standard for blockchain-based securities processing. The SWIAT ecosystem is designed to consider regulatory, compliance and capital market requirements from the outset, providing security and regulatory compatibility. SWIAT predicts that the importance of digital assets will grow globally in the coming years, with tokenization on the rise. In Europe, SWIAT predicts that the open decentralized financial market will grow at a compound annual growth rate (CAGR) of more than 60%, reaching over EUR 3 trillion by 2030.