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Forbes: IBM Launches Stellar-Based Payment Network, Gets 6 Global Banks to Create Stablecoins on It

  • Yuri Molchan
    📰 News

    🖥️🚀IBM launches World Wire and persuades banks to use XLM and launch their own stablecoins on the network


Forbes: IBM Launches Stellar-Based Payment Network, Gets 6 Global Banks to Create Stablecoins on It
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On Monday, six banks operating internationally signed the necessary documents confirming their desire to create their own stablecoins on a payment network run by IBM on the Stellar open ledger.

IBM launches payment network on Stellar, gets banks to join it

Forbes reports that on Monday, IBM launched a Stellar-powered network dubbed IBM Blockchain World Wire, which uses XLM as fuel for financial transactions.


The network was built to allow financial institutions to conduct transnational payments, whether it is remittance or simply foreign exchange, and do it in a quicker and cheaper manner than the conventional banking system allows.

Now, IBM is getting banks around the world to join it and start using its new product.

So far, the global heavyweight has named only three banks out of six that will cooperate and issue their stablecoins. These are RCBC bank located in the Philippines, Banco Bradesco from Brazil, and South Korea’s Busan Bank.

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One IBM-based stablecoin already launched

The aforementioned banks are waiting for regulators to greenlight them. However, there is one stablecoin powered by World Wire which has been released already – a USD-pegged coin made by a San Francisco startup.

The newly made stablecoin is only waiting to start working, even within the US. However, this has been approved by US regulators. So, IBM promises that by the end of 2019, the US will be added as an operating point.

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World Wire, banks and XLM

Currently, the World Wire network runs in 72 countries through special locations for conducting fiat payments. However, the banks that will work with the new network will be able to transfer value in XLM, the native Stellar token, when difficulties rise in using fiat currencies. On top of that, they will be able to launch their own stablecoins.

In an interview, IBM’s head of blockchain for financial services, Jesse Lund, said that in the future, World Wire may start supporting other crypto assets as well.

Cover image via u.today
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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

Cover image via 123rf.com
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