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Kaleido Enables Swift’s New CBDC Sandbox with Broad Industry Participation


GBV Fund portfolio company, Kaleido, has developed a live sandbox for Swift, hosting 18 central and commercial banks to explore the future of Central Bank Digital Currencies (CBDCs) in cross-border payments. This platform has successfully tested nearly 5,000 transactions across different blockchain networks and fiat currencies, showcasing the potential of digital currencies to enhance settlements, transparency, and financial inclusion globally. The sandbox, powered by Kaleido and Hyperledger FireFly, demonstrates that CBDC-initiated payments can integrate seamlessly with Swift's platform, similar to real-time gross settlement systems, through a newly designed CBDC connector gateway. This experiment aims to evaluate CBDCs in cross-border payments and develop further iterations based on community feedback. With over 100 countries researching CBDCs, this sandbox is crucial for establishing a secure interoperability framework for digital currency payments. The project focuses on demonstrating interoperability between different Distributed Ledger Technologies (DLT) and integrating with existing financial systems. Early feedback from Swift's 12-week testing phase in 2023 has been positive, emphasizing the continued role of intermediaries and the potential of various DLT and non-DLT technologies in shaping CBDC networks. The sandbox also explores enhanced atomicity schemes and private messaging capabilities, indicating a strong future for CBDCs in various financial applications.



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