IBM and Stellar collectively threaten the leadership of Ripple in the worldwide payment industry. In order to enable the residents of the South Pacific to make international trades, IBM has initiated a program using Stellar Lumens (XLM).
Ripple is the leader of companies that are working against the SWIFT system as the products it made always allowed the clients to transfer funds internationally. These products were not only cost-effective but also highly reliable and worked rapidly.
However, the markets are changing as IBM has decided to launch their own project for international trades using the Stellars platform. IBM also considered working along Bitcoin and Ripple but found Stellar more fit for their use as the token has no issue in scalability, and have a non-profit status on the other hand.
They further added that the Stellars have a very co-operative staff and the token provides sheer transparency. Moreover, the token also has the potential to hold all kinds of assets on the platform.
IBM and Stellar hope to revolutionize the industry by completely reconstructing the fragmentation technology in a manner that would enable it to work at equal efficiency for each type of user. Their partnership is not restricted to this project as IBM’s own token is also working on Stellar’s platform.
According to officials working on the project, the token dubbed as Stronghold USD enables users to efficiently and reliably trade assets across borders.
Transferring money through banks is very tough as the banks need to have reserves in that particular country, this makes the process very slow and expensive. With IBM’s help, people will be able to transfer funds internationally using XLM at a much more efficient rate. Although the coin’s price is quite low it is the fifth largest crypto-token by market cap.