Crypto Currency News

[vc_row full_width=”stretch_row” css=”.vc_custom_1531732107238{background-color: #fcc118 !important;}”][vc_column]

Trending News

[/vc_column][/vc_row][vc_row css=”.vc_custom_1531730959461{border-bottom-width: 1px !important;background-color: #f9fafb !important;border-bottom-color: #eef3f7 !important;border-bottom-style: solid !important;}”][vc_column css=”.vc_custom_1531891416301{margin-bottom: 0px !important;}”][bsfp-cryptocurrency style=”widget-6″ align=”auto” columns=”2″ scheme=”light” coins=”top-x-coins” coins-count=”8″ coins-selected=”” currency=”USD” title=”Cryptocurrencies” show_title=”0″ icon=”” heading_color=”” heading_style=”default” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ css=”.vc_custom_1531730265600{margin-bottom: 0px !important;}” custom-css-class=”” custom-id=””][/vc_column][/vc_row]

IBM Exec reveals major partnership announcement with Stellar

Share this article

An IBM blockchain executive has revealed details about the company’s new cross-border payments solution, World Wire, and its growing relationship with blockchain Stellar (XLM).

Jesse Lund, IBM’s VP of blockchain solutions, has hinted that the international technology company will announce a new product that could enable payments “from anywhere in the world to anywhere in the world.” It should be as easy as sending an email.

In an interview with Fred Schebestas Daily Exchange at the IBM Think 2019 Conference earlier this week, tThe blockchain chief played coyly with the details, hinting that the full announcement would come in a few weeks. “I’m going to keynote with my friend at a big event in Singapore [Stellar founder] Jed McCaleb,” he said. “We will be talking about a special announcement about the product and its content.”

The exact nature of the announcement has not been said, but there is no doubt that it will be ambitious.

We hope to have hundreds of endpoints and hundreds of operators within three to five years enabling access and giving us global coverage. The ability to send money from anywhere in the world to anywhere else in the world.

Did Lund spill the IBM Beans?

But it seems that Lund may have gone a little too far and revealed too much about IBM’s plans for World Wire and the product yet to be announced. In a section that has since been omitted from the official interview, Lund said:

Let’s just say we will support 50+ countries from the start, 30-40 currencies and enough market makers to tow 30 or 40 banks. So we will be covering a significant part of the world and our goal is to continue to grow this network and provide global coverage within 3-5 years where you can send remittances in a consistent way, instantly and at a very low cost, from anywhere on the world to anywhere in the world.

That part has since disappeared from the original interview, with an abrupt cut around the 4:12 mark.

In an email, representatives from Finder, Schebesta’s company, said IBM “asked us to remove this from the video.” The reason for the omission is unclear, and IBM had not responded to a request for comment at the time of publication.

Credit to Ripple

It’s no secret from IBM’s enthusiasm for the Stellar protocol, the underlying blockchain for World Wire. Lund acknowledged the important precedent of McCaleb’s first cryptocurrency creation while highlighting the benefits of the second:

“Credit Ripple for the vision of using a digital asset to enact instant settlement with finality,” Lund said. “Their implementation followed a path, our implementation is a bit different. We are not the issuer of the asset, we believe there should be an ecosystem of digital assets providing the settlement tools.”

Stellar shares many of XRP’s features, Lund explained, including a low-cost settlement mechanism capable of processing thousands of transactions per second. While lumens could be used to transfer value to the World Wire Ledger, settlements can be made in any currency, including XRP and Bitcoin (BTC).

IBM’s strategy might look a bit familiar, especially to a Ripple-friendly audience. “IBM wants to be the network operator here,” explained Lund. “So the subscribers, the customers of World Wire, are market makers who provide deposit and withdrawal locations. You yourself have corporate customers and probably private customers.”

However, if Lund really meant what he said, it could be a big step toward World Wire’s reach as the most complete cross-border blockchain payments ledger.

The author is invested in Stellar, Bitcoin and XRP mentioned in this article.

Share this article

The information on this website or information obtained through this website is obtained from independent sources which we believe to be accurate and reliable, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness or accuracy of any information on or through this website . Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or any other financial advice. Information on this website is subject to change without notice. Some or all information on this website may be or become out of date, incomplete or inaccurate. We have the right, but not the obligation, to update any information that is out of date, incomplete or inaccurate.

You should never make an investment decision about any ICO, IEO or any other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly encourage you to consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or any other investment. We do not accept compensation in any form for analysis or coverage of ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.

See full terms and conditions.

Comments are closed.