Big Blue said This particular wants to speed up the “costly, laborious along with also also error-prone” process of producing global payments in different currencies. This particular also aims to improve financial inclusion for people with restricted access to the financial services in developing countries.
The corporate giant partnered with non-profit blockchain organization Stellar along with also also currency exchange service KlickEx to develop the distributed ledger.
“Currently, cross-border payments tend to take up to several days to clear,” Jed McCaleb, co-founder of Stellar, said from the announcement.
Stellar’s McCaleb founded Ripple, owner of the third-largest cryptocurrency by market cap, in 2011, although subsequently left the company.
He said: “This particular fresh implementation is usually poised to start a profound change from the South Pacific nations, along with also also once fully scaled by IBM along with also also its banking partners, This particular could potentially change the way money is usually moved around the globe, helping to improve existing international transactions along with also also advancing financial inclusion in developing nations.”
Stellar is usually also the issuer of the digital currency Lumens, which is usually the 13th largest virtual asset by market cap, according to data via CoinMarketCap.