Announced last October, the partnership between Stellar and IBM is gaining steam.
In a recent Reddit “Ask Me Anything” forum, Jesse Lund, IBM’s leader for blockchain market development and digital currency strategy, gave the following highlights of the partnership:
1. Stellar is already live on IBM for cheaper and quicker payments across borders.
2. The chance of the Stellar network being the first to see central bank-issued digital tokens is very likely. (According to Lund, the world is “very, very close” to seeing a central bank-issued digital currency token.)
3. Stellar Lumens is intended to be the primary bridge asset in IBM’s universal payments solution.
4. IBM has no immediate plans of giving out its own tokens; instead, it will be pushing XLM to its clients. Stellar is an integral part of IBM’s strategy for the future.
5. IBM aims to use Stellar to compete with Ripple and take over cross-border transactions. It already has a long list of clients ready to go live with Stellar Lumens international transactions in Q2 2018.
This is exciting news. It’s possible XLM will become the default crypto for central banks. IBM works with many of the central banks already.
Stellar is growing rapidly. It’s averaging 50,000 transactions per day, up from less than 10,000 per day six months ago.
Co-founder Jed McCaleb thinks that by 2028, Stellar could power a “Universal Payments Network” that processes not only payments, but also traditional assets like stocks and shares.
Said Jeb, “In the next 10 years, I wouldn’t be surprised if all equity isn’t tokenized on some blockchain somewhere. The change will potentially occur before 2028.”
Stellar announced three new nancial partnerships over February 2018.
The first is with Finger, a South Korean remittance company. They will integrate with the Stellar network as a Korean won anchor.
The second is with BluepanNet, a money transfer platform in Asia that focuses on cross-border payments for migrant workers.
The third, Stellar partnered with Lumzar, an African-based exchange built on Stellar. Lumzar enables users to buy and sell cryptocurrencies with their local currencies.
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