Stripe and Swift race to control the next generation of global payments infrastructure
Swift is expanding its blockchain-based settlement network while Stripe has made a $53 billion bid for PayPal to consolidate its position in global payments. These moves reflect a broader industry race to control the infrastructure of digital finance.
Swift said Tuesday it would expand a blockchain-based settlement network after completing pilot work with 17 global banks, and is now working with more than 40 financial institutions . Stripe followed immediately after with an unsolicited $53 billion bid for PayPal, a deal that would combine one of the world's largest merchant payment networks with one of the biggest consumer wallet businesses. PayPal’s board, according to a Reuters report , sees the takeover bid as undervaluing the company and facing regulatory and financing challenges.
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