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When we talk about cross-border payments, we all immediately think of Ripple, the company responsible for creating the third largest cryptocurrency in the market, XRP. Ripple has taken charge of developing the best solutions to improve cross-border transactions, and a proof of this is their products xCurrent and xRapid, the latter that brings the XRP to the liquidity source for financial institutions.
has made great efforts to spread its products through the financial sector, but to be honest, this has not been exactly a reality. In fact, many institutions have adopted xCurrent or xVia, but when it comes to adopting xRapid, it seems they are not so interested.
From the other, we all know that Stellar (XLM) has some strong ties linked to the IBM technology giant for many months and, apparently, everything is ready on their side to finally put a serious competition on Ripple products . Let's find out how it goes.
IBM Announcement
Just a few days ago, IBM announced the launch of a new project called "World Wire", a cross-border settlement platform that aims to revolutionize the financial world. The project was created in collaboration with Stellar, and it was known that the platform would use Stellar's blockchain protocols to work.
Will offer mainly the same things that Ripple was trying with his solutions; fast transactions, the ability to take thousands of transactions in seconds and low costs. But the most significant difference is that IBM claims that 97 percent of its customers are financial institutions or, in other words, the most important banking entities in the world.
It was also mentioned in IBM's recent announcement that IBM networks manage at least 90 percent of all credit card agreements, so it represents an excellent opportunity for the encrypted adoption industry and, of course, , Stellar (XLM) would be the main beneficiary.
IBM said that with the help of stellar protocols, the company would be able to offer financial institutions a solution to settle cross-border transactions in seconds. The company stated that:
"the fastest processing of payments (simultaneous clearing and settlement), lower costs, higher efficiency and simplified payment methods and transaction type" were about to become a reality.
] "With 97% of the world's largest banks as customers of IBM, there is little doubt that their new flagship payments system will not be heavily advertised for their customers and existing customer base."
The objective of the payment platform will be Fintech, central banks, financial institutions and cryptocurrencies as assets issued. The stellar blockchain will play a vital role in the success of the project as it will help to negotiate with digital assets in the form of IOUs, which, of course, will dispel the possibilities of counterparty risks.
Conclusion
With this new IBM collaboration, Stellar (XLM) looks like a crypt we all need to look for; surely it will hit the moon very soon. For now, cryptography does not show much of an increase with a price of $ 0.223 and a price decrease of 0.87 percent in the last 24 hours, according to Coinmarketcap. But things have turned into "big surprises" on both sides is just a matter of time in the world of digital currencies, so stay tuned.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct a thorough research before investing in any cryptocurrency and read our full disclaimer
Photo by Nick Karvounis on Unsplash
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