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IBM Hints at Entering the Stablecoin Arena

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IBM

IBM

Jesse Lund, head of blockchain solutions at IBM, has just hinted that the tech company has plans to explore stablecoins in an interview with Cheddar yesterday. Lund did not disclose when this venture may debut but said it would be on its World-Wire platform.

IBM and Stablecoins

IBM began its venture with Stellar in late-2017 and finalized most of its plans in mid-2018. Stellar is an open-sourced, decentralized protocol that focuses on transfers between fiat currency and digital currency.

Lund told Cheddar that US banks are “very interested” in using stablecoins to send cross-border to replace the current SWIFT system. The reason banks are interested in stablecoins over other forms of digital currency is that stablecoins are linked 1:1 to fiat currencies making them more ‘stable’.

“We’re really feeling excited that we’re on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments,” Lund explained.

IBM feels the market demand for stablecoins has risen, despite the copious amount of similar coins that have flooded the market as of late. Lund hinted that IBM hopes to create an ecosystem of various digital assets, with many different types of digital assets—including stablecoins.

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Cheddar asked Lund how the company’s alleged stablecoin compared to the one that JPMorgan just released. The IBM exec said that the company’s solution to cross-border transactions would be “somewhere in between.” Lund claims that this new venture would not be a proprietary coin like JPM coin but feels the major US bank is doing what’s best for them. The bank’s stablecoin will only be used with clients of JPMorgan.

IBM feels its stablecoin should be more broadly accessible and World-Wire seeks to do just that. When this project will be released is still up in the air, but the recent interview proves it is just around the corner.

Featured Image: Pixabay

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IBM is Interested in Working on Facebook’s Libra Crypto

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Libra

Libra

The cryptocurrency space has been on an impressive run this year and one of the biggest developments this year was the announcement of Facebook’s Libra, the social media company’s very own crypto token. It goes without saying that it was a huge announcement and caused a lot of noise in the crypto sphere. As is well known, Facebook (NASDAQ:FB) is heading the Libra project, but the company is going to be helped by many other firms.

Key Development

Today, it has emerged that tech giant IBM (NYSE:IBM) is apparently open to the idea of working with Facebook on this particular project. Libra has caused quite a stir on a global level, but this is perhaps a positive development for the project.

One of IBM’s top executive spoke to CNBC today and stated that the company is open to the idea of working on the Libra project. The company’s general manager in charge of blockchain service, Jason Kelley, stated that IBM is looking for collaborations in the blockchain space.

He said, “Blockchain is a team sport. Our clients are ready to work with (Facebook) and we’re ready to work with all of them to bring it together.” Some of the biggest companies in the world have realized the importance of blockchain and are actively looking for ways to get into space quickly.

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However, it is important to keep in mind that Libra has experienced a massive backlash from policymakers, central banks, and regulators all over the world ever since Facebook made the announcement a few months back. Kelley stated that the entry of credible companies like Facebook brings much-needed legitimacy into the space and hence could, in fact, be a massive positive for the crypto space. The social media giant has reassured the relevant authorities that it is only going to launch Libra once all the regulatory hurdles have been cleared.

Featured image: DepositPhotos © Stockcrafter

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