Minima and Mercury FX join forces to challenge SWIFT with blockchain tech Minima and Mercury FX join forces to challenge SWIFT with blockchain tech
The alliance between both companies aims to enhance global financial communications and revolutionize international payments.
2 min read
Updated: Jul. 24, 2024 at 2:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Minima, a layer-1 blockchain focused on decentralized physical infrastructure network (DePIN) solutions, is collaborating with Mercury FX, a global currency payment solution, to develop an alternative to SWIFT, the world’s largest payments messaging network.
According to a July 24 statement shared with CryptoSlate, this proof of concept will leverage Maxima—Minima’s information transport layer protocol—which allows users to exchange information by performing a small amount of work from their device, called Transaction Proof of Work (TxPoW).
The firm stated that Maxima would ensure that messages are encrypted and can only be read by the recipient. This method, it argues, enhances the system’s security by increasing the number of hash functions.
Why Maxima?
According to the statement, an innovative alternative to SWIFT is needed in the global financial system because the traditional financial infrastructure faces several challenges, including high operational costs, slow processing speeds, and cyber-attack vulnerabilities.
However, Maxima’s capabilities promise faster transaction times, reduced latency, and enhanced security by encrypting messages with the recipient’s public key. Additionally, its fully decentralized nature further bolsters the system’s security.
So, the collaboration aims to set a new standard for global financial communications by addressing SWIFT’s vulnerabilities and improving overall security, efficiency, and compliance in international payments.
Hugo Feiler, CEO of Minima, stated that the partnership between both firms could lead to a paradigm shift in how money moves across borders. He added:
“We are at a critical juncture in the evolution of financial technologies. This trial is not just about proving the technological capabilities of Maxima, but setting a new standard for global financial communications in terms of security, efficiency, speed, cost, and compliance.”
This view was also corroborated by Alastair Constance, CEO of Mercury Global, who stated:
“By leveraging Maxima in our payment systems, we anticipate improved efficiency, reduced costs, and quicker transactions as well as a quantum leap in the increase of data that could travel with a payment.”
The firms stated that the feedback from this trial will be crucial in refining and expanding the use of Maxima for global financial messaging.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
