IBM and Stellar Partners: Using Lumens As A Bridge Between Various Fiat Currencies
In a news unveiled at a crypto conference in Canada, (Sibos 2017), IBM announced a partnership with Stellar, the blockchain which generates Lumens.
The Big Blue announced the first fiat exchange using Lumens as a bridge, between Birtish Pounds and Fijian Dollars. The plan is the expand the fiat currency up to 7 countries from South Pacific, including Australia and New Zealand.
From what I understand, Lumens wants to be for the South Pacific area what Ripple is for the rest of the world: a bridge that will enable instant exchanges of fiat, without the end user even touching the actual crypto token.
It's one of those nice stories in which private companies (IBM) are successfully partnering with public blockchains (Stellar).
For more info, have a look at the Coindesk story.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
@dragosroua The more corporations that get involved with various crypto's makes me have even more confident about the future of all crypto's and especially by by passing the Banking System in many ways.
Cool, thanks for this. Crypto is getting big recognition and adoption in the South Pacific... don't know if you saw, but Vanuatu allows one to buy citizenship if you have enough Bitcoin to pay for it.
And as for Stellar partnering with IBM, well, that explains the huuuuge spike in price of Stellar Lumens today. This is a good thing for crypto in general, I think, as it's just more validity when a huge name like IBM gets involved too.
Keep up the good posting, sir. Hope all is good with you and yours!
Yes, I know about Vanuatu, it's 43 Bitcoin (roughly 200,000 USD). I even thought about that - not that I have that amount if funds, but as a potential scenario. Seems like infrastructure, including internet, is not that developed in that area.
Anyway, thing are slowly improving. How's that project of your going on?
Pretty good, thanks for asking! It's now the last week of the ICO and the raise is sitting at a little over $1.75 million at the moment, which is awesome for an indie videogame so we're really happy with that.
We're growing the team and getting closer to our alpha (in December), with lots of greatstuff going on thanks to the artists and devs. For the curious, here's a shameless plug: https://www.hashrush.com/ico/
Thank you so much for continuing to publish this important information
Well, if you want to add a name to the crypto/blockchain industry having IBM is a big one. This is going to add to the pace of adoption and help push the industry on.
very cool post and vlog, i like it
Correct me if im wrong, but doesnt this news completely depend on if the banks actually use lumens. Just like ripple blockchain adoption doesnt mean ripple usage
The mere fact IBM is partnering with a public blockchain is good enough of a news to skyrocket the price.