Exciting news was revealed at IBM Think 2019 when the head of IBM’s blockchain Jesse Lund revealed that approximately 40 to 50 banks are expected to join the IBM World Wire Service, a Stellar-based money wiring service, in the coming years.
Exciting news was revealed at IBM Think 2019 when the head of IBM’s blockchain Jesse Lund revealed that approximately 40 to 50 banks are expected to join the IBM World Wire Service, a Stellar-based money wiring service, in the coming years.
Our goal is to continue to expand that network and to provide global coverage within 3-5 years where you can actually send remittances in a consistent way, immediately, at a very low cost, from anywhere in the world to anywhere in the world. (Jesse Lund- Head of IBM’s blockchain)
Several banks have already expressed their interest and intent to use the service for their own banking operations and have also stated that they may be using their own stablecoins along with the IBM World Wire. Lund elaborated on these developments at the Think Expo, stating:
“We've got a launch announcement coming out soon... we're going to be supporting more than 50 countries out of the gate, 30-40 currencies, and enough market makers to drag along 30 or 40 banks, so we'll have a significant portion of the world covered. We've got letters of intent with several banks around the world to support and issue digital currencies, stablecoins and other currencies. Our goal is to continue to expand that network and to provide global coverage within 3-5 years where you can actually send remittances in a consistent way, immediately, at a very low cost, from anywhere in the world to anywhere in the world."
This is only the tip of the iceberg, however, as Lund has reported that there will be more information provided on March 19, most likely at the Money 20/20 conference in Singapore.
For many of those who have heard this news, the most common question is, why Stellar? According to Lund, Stellar was chosen due to the fact that is scalable, transparent, and offers a wide range of assets that can be traded on the Stellar platform. Although there are some issues such as liquidity, Lund is excited about the project and believes that it will do wonders for the existing banking system as well as for adoption in cryptocurrency.
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