The head of IBM blockchain solution, Jesse Lund admitted that the tech giant is getting ready to announce its World Wire Platform based on the Stellar protocol for powering cross-border transactions.
Stellar is a decentralized, open-source protocol for carrying out transfers between fiat and digital currency.
As stated by Lund in an interview with Cheddar, banking institutions are highly interested in using stablecoins, a cryptocurrency that is designed in such a way to keep stables rates measured in fiat currencies. The purpose of designing this currency was to enable the movement of money around the world. These stablecoins can settle at a faster and cheaper rate than the conventional money that moves about on legacy systems with intermediaries and clearing houses.
He went on further to say that introducing this coin will provide an improved ecosystem for the World Wire Network.
Legacy platform operators make an effort to attract mobile users that are constantly moving; IBM is only one of many significant companies trying to use innovative solutions to overcome hurdles in the banking and financial framework.
According to reports last month, JPM became the 1st huge bank in America to create a crypto asset, the JPM Coin which was designed for use within a network for settling payments among borrowers and lenders. CEO of JP Morgan, Jamie Dimon expects multiple prospects for the JPM Coin in the future.
When compared to the JPM coin, Lund explained that the World Wire Network project at IBM differed from the JPM model in that it was based on the principles of inclusion, as opposed to that limitation posed by the JPM coin.