The battle to reign supreme in the industry of cross-border payments on the blockchain is no longer the sole arena of Ripple. The long-held partnership between IBM and Stellar (XLM) has yielded another development in the form of a ‘near instant’ cross-border payment solution. The two firms have introduced what is known as IBM Blockchain World Wire.
The new service plans to revolutionize cross-border payments by:
“Clearing and settlement [of payments] with finality in near real-time. The solution uses digital assets to settle transactions — serving as an agreed-upon store of value exchanged between parties — as well as integrating payment instruction messages. It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”
The IBM firm had been known to be running 9 Stellar nodes to settle cross-border transactions prior to the announcement of this new blockchain service. With SWIFT being the only payment solution for the last 50 years, Stellar and IBM enter a domain that needs to be revitalized by new more efficient technologies. The probability of the banking industry adopting blockchain 100% in the next 12 months is very high and both Ripple and Stellar are at the front-line of all the action.
With Bitcoin having set the pace when its ledger was launched in 2009, it exists for such a long time has proven that digital assets can offer tangible improvements to financial services by increasing security as well as making them more efficient.
What does IBM mean for XLM and XRP in the markets?
From a business and investing point of view, XLM suddenly has the upper hand. With XRP having many so-called ‘non-believers’ in the crypto-space, XLM provides an option to invest in a relatively cheap digital asset with the potential of pulling off massive gains in the long run.
XLM is currently valued at $0.20 due to the massive crypto market correction that just happened, and at the moment of writing this. Looking at XRP, it is valued at only 9 cents higher at $0.29. However, XLM has a lower circulating supply at 18.8 Billion whereas XRP has 39.65 Billion. This, in turn, means that with considerable demand once this new cross-border service is live, XLM could continue to gain in the markets.
However, IBM and Stellar have not definitely stated that XLM will be used to source instant liquidity for the cross-border transactions. They simply state that the service will use the Stellar protocol with a Liquidity provider on both ends. A block diagram has been provided below for easier visualization of this concept.
Over 1 Million Active XLM Accounts on Its Ledger
The XLM network recently marked a new milestone of over 1 Million XLM accounts on its ledger. According to the block explorer on the network, the current number of active accounts stands at 1,218,453 further signifying a growing interest to buy, own and use XLM as a preferred digital asset across the globe. A clearer visual representation of the increment in accounts on the network can be found below:
In conclusion, blockchain technology from both Ripple and Stellar will go on to revolutionize cross-border payments in the next 12 months. This means that we will be more connected globally in not only by using the internet but by near-instant cross-border payments that will make our daily lives more efficient.
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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 your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Can Libra help the crypto industry to reach new heights?
The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
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