Blockchain World Wire. The VP of IBM Blockchain, Jesse Lund, made the announcement in a keynote at Money 2020 Asia in Singapore. The IBM network uses the Stellar blockchain.
The IBM Blockchain World Wire already has 44 international banks on its platform. This network aims to help institutions with cross-border payments and settlements, cheaper and faster than a traditional banking network.
According to Cheddar, South Korea’s Bank Busan, the Philippines’ Rizal Commercial Banking Corporation and Brazil’s Banco Bradesco are among the six banks that have confirmed plans to issue stablecoins on IBM’s blockchain network. Other banks, which are yet to be named, will offer stablecoins pegged to Euros and Indonesian Rupiah.
Unlike other blockchain-based payment networks, IBM’s World Wire has deeply integrated cryptocurrencies in its service. It uses Stellar’s XLM as a settlement instrument for fiat currencies. The transactions involve the exchange of these currencies in to the XLM token and are also recorded on the blockchain.
World Wire currently supports more than 47 currencies across 72 countries. IBM plans to further expand this network in the next 3-5 years and use it as a platform for remittances anywhere in the world. IBM also charges a small fee for operating and maintaining the network.
(Image credit: Patrick | Flickr)
