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IBM Brings Six Global Banks Onboard For Its Blockchain Based Payment System

IBM’s recently launched blockchain-powered payments network, “World-Wire,” has reportedly signed letters of intent with six international banks, so as to issue their own stablecoins backed by their national fiat currencies.

IBM and Stellar jointly announced the development during a keynote at Money 2020 Asia in Singapore, as ,reported by financial news channel Cheddar on March 18.

The Blockchain World Wire 

Blockchain World Wire (BWW), IBM’s cross-border payment network was launched in collaboration with Stellar (XLM) in September 2018. Notably, rumours about IBM’s plan to launch a stablecoin targeted as cross-border payments solution has been making the rounds.

As the BWW went live today, the platform is reportedly joined by over 44 banks on service. The network is aimed at leveraging cryptocurrencies, in order to enable near real-time international settlements between banks.

Cheddar reports that six banks including Brazil’s Banco Bradesco, South Korea’s Bank Busan and the Philippines’ Rizal Commercial Banking Corporation, have confirmed their intent to issue stablecoins backed by their respective national fiat currencies on BWW. While the name of other participant banks is not disclosed, they will reportedly issue stablecoins backed by the euro and Indonesian rupiah, among others, as revealed by Jesse Lund, IBM’s head of blockchain solutions.

Ahead of this announcement, IBM also partnered with Stronghold, a Stellar-based, USD-backed asset, to create the Stellar network’s first stablecoin. Lund stated, elaborating the platform’s plans towards expanding its blockchain-powered settlement network with further assets:

“We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments.”

The Cheddar report further states that BWW currently supports more than 47 currencies for payments across 72 countries. The network disintermediates legacy bank settlement systems with the aid of  XLM token,  an efficient, immutably-tracked settlement instrument for fiat currencies between institutional parties.

Read more:IBM’s VP of Blockchain, Jesse Lund Bullishly Claims That Bitcoin Will Hit $1 Million

Image Source – Coindesk.com

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