IBM Launches Stronghold USD, a Stellar Blockchain Cryptocurrency-USD Stablecoin
IBM Remains Strong with Blockchain
IBM, International Business Machines released a statement for Stronghold USD, a new cryptocurrency-USD pair that was created on the new Stellar blockchain infrastructure. Stellar, is a USD cryptocurrency pair, created via the Stellar Blockchain Structure. The major financial institution Stronghold released a statement through their blog Medium that they have partnered with IBM and will explore new uses for Stronghold USD within the Blockchain business systems found on the IBM system blockchain infrastructure.
The new pairing was started to make a stable coin on the market as well as to ensure the existence of a mainstream virtual currency. Jesse Lund, VP of IBM’s Global Blockchain division spoke recently in an interview with Reuters and stated:
“The engineering work has been done on this token and we have seen a little bit of the early release of it. What we really want to do is enable all sorts of digital transactional networks to settle their transactions with digital fiat currency on the same blockchain networks.”
IBM has said they see normal commodities and everyday service as needing to be cheaper in the upcoming years with the blockchain technology making that happen in modern industries. The company also stated that they can make transactions faster, cheaper, and smore secure to truly give consumers a better user experience from start to finish.
The token Stronghold USD is mainly focused at targeting MNC’s the banking sector and organizations for the consolidation of assets. Lund was heard to say the following:
“IBM will explore use cases with business networks that we have developed, as a user of the token. We see this as a way of bringing financial settlement into the transactional business network that we have been building.”
Stronghold was founded last year in 2017 with the purpose of creating a more streamlined platform for trading. The new decentralized concept the platform was created on has made it necessary for many people to trade on it. The company also revealed a boost of money coming in, in a recent scheduled investment that happened from Freestyle Capital. Sean Bennet, Stronghold’s CTO also commented:
The process for seamlessly managing and trading assets of any form from digital to traditional currencies, needs to evolve as financial institutions are seeking ways to break into new asset classes like cryptocurrencies.”
The Stronghold USD is backed by the powerful Prime Trust, a company built for proving trust that operates to covert fiat into cryptocurrency and vice versa.
IBM has also created a partnership with the Colombia University team, who is specialized in crypto, to setup a brand new blockchain department at the school. The IBM-Colombia Team for Data Transparency and Blockchain will give students an opportunity to discover more information on the area of cryptocurrency and blockchain tech, while giving them an area to take internships with even more opportunities down the road.
Stronghold USD is also built on the Stellar blockchain, which is an everyday use finance system, built to be safe, secure and decentralized. Not only that, but the blockchain is used more often than not for coins that are used in cross country payments. Tammy Camp, founder of Stronghold said recently:
“The token allows folks to do payments, foreign exchange between companies in a very seamless and frictionless and more secure way.”