IBM Blockchain World Wire’s Stellar Payment System Expansion Plans Shows Ripple Has Real Competition
Ever since Ripple started being endorsed on major talk shows, like The Ellen Show with Ashton Kutcher as its proponent, the platform has had a pretty easy time residing as the top choice for cross-border payments.
They have an entire network of banks that have joined their forces, and they have a multitude of other projects. However, tech giant IBM may soon give Ripple a run for its money.
Right now, IBM has a Stellar-powered payment system that they recently took to market in September. The head of blockchain solutions at IBM, Jesse Lund, had alluded to new announcements to come from the company, but there’s a few details he’s already allowed to leak that could be great for XLM’s value.
Blockchain World Wire, the Stellar payment system, is a major force in cross-border payments, effectively eliminating the need for banking intermediacies. XLM has proven itself to be a positive settlement instrument in this part of the industry, and Lund has even stated that the payment system will be partnered up in 50 countries. Lund added that they would be “dragging along” 40 banks as well.
Essentially, as any company with this type of service, they hope to cover a substantial part of the world with their services. In fact, the product could easily be used for transactions “to anywhere in the world” within less than three years.
Up until now, RippleNet was the star, pushing Blockchain World Wire out of the way as the go-to place for cross-border payments. In fact, RippleNet has even joined the likes of 200 banks and financial institutions already in traditional finance.
However, IBM does not plan to offer a digital asset issued by their own brand.
By using Blockchain World Wire, IBM is planning to essentially provide a range of cryptocurrencies for these payments. Instead of restricting themselves to a single coin (Stellar’s XLM token), they will also allow customers to use Bitcoin, stablecoins, and even Ripple’s own XRP. Right now, there are 40 currencies supported in the ultimate launch of this service.