40-50 banks are expected to announce Stellar use in the coming months

20 Feb, 2019 | Updated: 20 Feb, 2019
by Richard Allen
News
40-50 banks are expected to announce Stellar use in the coming months

Head of blockchain at IBM, Jesse Lund revealed during IBM Think 2019 that between 40 and 50 banks are expected to join the Stellar-based IBM World Wire service in the next few months, Finder reports.

Using blockchain technology and the Stellar protocol, IBM Blockchain World Wire allows financial institutions to clear and settle cross-border payments in 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," he explained.

There are already several banks that have confirmed their plans to issue digital assets, including some of their own stablecoins, through IBM World Wire.

"We've got letters of intent with several banks around the world to support and issue digital currencies, stablecoins and other currencies," Lund added.

Read more: Mastercard partners with Stellar startup to leverage blockchain tech

"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."

Stellar's price has been on the rise over the last couple of days, growing 1.22% in the last 24 hours.

With more details expected to emerge at the Money 20/20 conference in Singapore on March 20, this marks a massive win for Stellar who takes a big step towards real-world use and mass adoption.

Read more: IBM looks for Stellar expert for their blokchain financial solutions department

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Read more about: Stellar (XLM) IBM

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