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IBM's Head of Blockchain Solutions hints at Cross Border Payment Solution

Jesse Lund, the head of blockchain solutions for IBM recently hinted at bank-targeted stablecoins, in an interview with financial news channel Cheddar on March 15. This can be a major development for IBM’s blockchain-powered cross border payments solution. 

Lund also mentioned that market demand is the main reason behind IBM’s drive to develop a stablecoin solution for fintech institutions.

“More than a few banks around the world [...] see a tremendous business benefit to issuing stablecoins in their native fiat currency,”

he said.

When asked about a comparison between IBM’s solution and JPMorgan Chase’s forthcoming in-house, USD-backed “JPM Coin” stablecoin, Lund hinted that IBM’s solution is somewhat close to the latter. 

He stated:

“It’s not a proprietary coin like JPMorgan’s solution, although I think what they’re doing makes a lot of sense for them. [...] What JPM’s doing also adds tremendous validation to what we’re doing. But our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”

Blockchain World Wire Solution

IBM’s collaboration with Stellar (XLM) and use of the network’s native asset in IBM’s cross-border payment network is often referred to as Blockchain World Wire (BWW). It seeks to leverage on cryptocurrencies to enable real-time international settlements between banks. Moreover, IBM has partnered with Stronghold, a Stellar-based asset, to create the Stellar network’s first stablecoin.

In February, Lund said that the tech giant’s interest in stablecoins is a key aspect of revolutionizing the cross-border payments landscape. He suggested that it could be XRP or Bitcoin. However, over time it will include stablecoins and central bank-issued digital currencies.

IBM Partners to Scale Business Networking Services

On 7th Feb CoinMarketFeed reported, IBM is partnering with 10 of the best blockchain start-ups to scale up their business networking services. These companies are varying from one sector to another. Earlier in November 2018, IBM and Columbia University had announced independent Blockchain Accelerator Programs that aimed to help start-ups in the crypto space. 

The organization intends to support ten start-ups by offering them a network of business mentors, technical support, access to Columbia’s student talent and research community, design assistance, and IBM cloud technology resources. 

Also, IBM became the holder of the largest number of blockchain-based patents after getting approval for two more patents. The technological giant added to its stack of 89 blockchain based patents with two new applications, the United States Patent and Trademark Office confirmed on March 5.