Dozens Of Banks To Join The IBM Service Based On Stellar (XLM)

Jesse LUND, the head of blockchain at IBM, stated that in the next few months, dozens of banks would join the IBM World Wire service based on Stellar, Finder.com.au reports.

With the use of blockchain and Stellar protocol, the IBM Blockchain World Wire allows financial institutions to make cross-border payments in mere seconds.

"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," said Jesse LUND.

Several banks have confirmed their plans to release digital assets, including their own stablecoins, based on IBM World Wire and Stellar. According to IBM representative, the company has already received several letters of intent from a number of banks around the world. He also added the following:

"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."

IBM plans to provide more information at the Money 20/20 conference in Singapore on March 20. This is good news for Stellar which takes an important step towards the mass adoption. Against the background of the report, the XLM price rises after a long bearish mood.

Image courtesy of Bitcoin Magazine