IBM is willing to team up with Facebook to develop blockchain technology, an IBM executive said, explaining that developing the blockchain ecosystem is “a team sport.”
Kelley said a company the size of Facebook entering the fray helps to bring more legitimacy to the underlying blockchain technology. However, he did not mention whether IBM was interested in joining Facebook’s stablecoin consortium, known as the Libra Association.
Facebook’s Libra stablecoin could be key for Big Blue to realize its ambitions for applying its blockchain technology to the financial services industry.
Stablecoins backed by local fiat currencies are seen as one of the best digital assets to substitute traditional banking intermediaries.
In March, IBM announced that six international banks signed letters of intent to issue stablecoins, or tokens backed by fiat currencies, including Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea, based on Stellar’s XLM crytpocurrency.
World Wire has payment locations in 72 countries, with 48 currencies and 46 “banking endpoints” where people can send or receive cash, according to a statement from IBM.
IBM logo photo via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.