The Stellar based cross-border payment system is getting ready to expand further with IBM in order to cover a big slice of the planet.
There are some big plans getting finalised by IBM for its Stellar powered-payment system, Blockchain World Wire. Launched in September, the Head of Blockchain Solutions at IBM, Jesse Lund has recently spoken in an interview on YouTube where he said that “a lot of announcements are coming soon’, but he already spilled the beans on some important details that might make the XLM price shoot through the roof.”
Blockchain World Wire is just another example of a powerful player when it comes to the cross-border payments space and aims to make unnecessary banking intermediaries discarded.
The crypto project Stellar poses as a very realistic settlement instrument in the ecosystem of cross-border payments. The blockchain solutions head at IBM claimed that the Blockchain World Wire will be supporting 50 countries straight away and ‘drag along’ around 40 banks with it.
The end goal for the project is the cover the majority of earth so that in three years, IBM’s Stellar powered product will be able to be used for sending cheap and fast transactions to ‘anywhere in the world’.
What about XRP?
So will Blockchain World Wire use XRP? So far, the Stellar based payment system is well in Ripple’s shadow. RippleNet has been able to connect with more than 200 banks and financial organisations but unlike Ripple, IBM isn’t going to pose an issue of a digital asset. Thanks to the Blockchain World Wire, they want to utilise a set of cryptocurrencies for payments on a global scale. Aside from Stellar, Bitcoin and XRP both have the potential to be used and even stablecoins.
In the end Blockchain World Wire will be supported in more than 40 countries worldwide at some point in the future.
In terms of price, Stellar’s native token XLM is performing well in the markets. The coin is the ninth biggest cryptocurrency in the space and recently saw an increase of 8.47 percent over the past 24 hours leaving it with a price of $0.087 and a market cap of $1,671,162,189 at the current time of writing.