IBM has big plans for Blockchain World Wire, its Stellar-powered payment system that was launched in September. Jesse Lund, Head of Blockchain Solutions at IBM, has recently revealed in an interview that a ‘a lot of announcements are coming soon’, but he already spilled the beans on some important details that might make the XLM price shoot through the roof.
On-boarding 40 banks from the get-go
Blockchain World Wire is yet another powerful player in the cross-border payment that aims to make unnecessary banking intermediacies obsolete. XLM poses as a viable settlement instrument in the ecosystem of cross-border payments. Lund claims that Blockchain World Wire will be supporting 50 countries out of the gate, ‘dragging along’ up to 40 banks.
Their goal is to cover a substantial portion of the world. In three years, IBM’s Stellar-based product could be used for sending cheap and fast transactions ‘to anywhere in the world.’
Will Blockchain World Wire use XRP?
So far, the Stellar-based payment network remained in the shadow of Ripple — RippleNet has managed to connect more than 200 banks and financial organizations. However, unlike Ripple, IBM is not going to pose an issuer of a digital asset. With the help of Blockchain World Wire, they want to utilize a set of cryptocurrencies for international payments. Apart from XLM, they could use Bitcoin, stablecoins, and even XRP. IOverall, Blockchain World Wire will support more than 40 currencies.
Godfrey Benjamin
Denys Serhiichuk