Home Bitcoin IBM Partners with Facebook’s Libra to Develop Blockchain Tech

IBM Partners with Facebook’s Libra to Develop Blockchain Tech

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According to an IBM executive, the company is willing to partner with Facebook to develop blockchain technology, since this world is a “team sport.”

In an interview, IBM’s blockchain manager, Jason Kelley, has said in an interview, “”Our clients are ready to work with (Facebook), and we are ready to work with all of them to bring it together.”

IBM sees that an institution as big as Facebook entering the blockchain ecosystem can add some legitimacy to this technology. However, he did not release an official statement that IBM will join Facebook’s Libra Association, which basically serves as a stablecoin consortium.

Additionally, it is seen as the key that IBM will finally make their dream of immersing blockchain technology into the industry of financial services.

Recently, IBM has been concentrated on developing Stellar, its patented blockchain, to handle payments all across borders. IBM has also launched World Wire, which is a Stellar-powered payment system that can be used internationally.

World Wire envisions to utilize digital assets to substitute the traditional uses of banking intermediaries. In simple ways, it allows skipping the financial intermediaries that add complex processes and extra costs to the regular payments system.

In looking for the best digital assets to substitute financial institutions, the top choices are stablecoins with good local fiat backing.

In March of this year, IBM has announced its intent to issue stablecoins to six international banks which includes Banco Bradesco in Brazil, RCBC of the Philippines, and Bank Busan of South Korea.