IBM’s Stellar-powered global remittance platform now has six banks on board. Today, the tech giant announced World Wire will power payments and foreign exchange services across 72 countries.“World Wire provides a more straight-through model for cross border payments using the Stellar protocol that makes money transfers point-to-point in lieu of the complexities of conventional correspondent banking. It reduces intermediaries and allows users to accelerate settlement time often in seconds by transmitting monetary value in the form of digital assets, commonly known as cryptocurrencies or ‘stablecoins.’ This simplified approach improves operational efficiency and liquidity management, streamlining payment reconciliation and reducing overall transaction costs for financial institutions.”
Source: Stellar Challenges Swift, XRP Hits Microsoft Outlook, and Bitcoin Bull Says Crypto Set to Rally
Announced Monday, six international banks have signed letters of intent to issue stablecoins, or tokens backed by fiat currency, on World Wire, an IBM payment network that uses the Stellar public blockchain. The network promises to let regulated institutions move value across borders — remittances or foreign exchange — more quickly and cheaply than the legacy correspondent banking system. So far three of the banks have been identified — Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea — the rest, which are soon to be named, will offer digital versions of euros and Indonesian rupiah, “pending regulatory approvals and other reviews,” IBM said. The network went live Monday, although while the banks await their regulators’ blessings, the one stablecoin running on World Wire at the moment is a previously announced U.S. dollar-backed token created by Stronghold, a startup based in San Francisco.
Source: IBM Signs 6 Banks to Issue Stablecoins and Use Stellar’s XLM Cryptocurrency
A press release released in the IBM News Room on November 19 stated that the tech giant with the help of the world’s leading research university, Columbia University, intends to launch two accelerator programs to help accelerate the growth of blockchain-based tech startups.
The press release stated that both accelerators, which are key components of the partnership entered by both parties – the Columbia-IBM Center for Blockchain and Data Transparency – were built to offer entrepreneurs and blockchain network founders across the globe the opportunity to access the necessary expertise and resources needed to establish blockchain networks.
Both accelerators are designed to power up to 10 of such blockchain-based tech startups. Through this programs, they will have uninterrupted access to the Columbia research community and student talent pools, IBM Cloud technology, a solid network of business and technical support, and IBM active design workshops. The programs which are in two parts – the IBM Blockchain Accelerator and the Columbia Blockchain Launch Accelerator – are scheduled to run through a period of sixteen weeks with each program lasting for eight weeks.
The first program named the IBM Blockchain Accelerator is designed to build an enterprise business network and client base for later-stage blockchain-based companies across the globe. This eight-week program is scheduled to be held in New York and San Francisco.
While the other half of the equation, the Columbia Blockchain Launch Accelerator, is designed to cater to the needs of pre-seed, idea-stage companies which affiliated with Columbia or other recognized universities based in New York. Like the first program, this accelerator program is scheduled to be held for eight weeks. The program is proposed to run for eight weeks on-site in New York City.
In preparation for these programs, the channel for nominations is now open to the general public, while we look forward to January 2019 when the application for Launch would open. The partners released a public note stating that participants are not required to pay a fee as they do not take equity or charge a fee for participating in either of the accelerator programs.
Commenting on the new development, David Post – the Managing Director of IBM Blockchain Accelerator – said that blockchain technology presents endless possibilities and technical talents are rising up to the task by building game-changing applications. He explained further that the tool required to bring about this change is the right expertise and that is the reason IBM is collaborating with Columbia to give early and mid-stage founders a way to build enterprise-grade networks that are capable of pushing blockchain innovation forward.
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