IBM Senior VP Says Couple Largest Banks Using Stellar (XLM) For Financial Exchange Corridors
In an interview with Fortune Magazine, IBM’s senior Vice President for International industries, Bridget van Kralingen, established that Stellar, as well as its inherent asset Lumens (XLM), and are presently used by some of the largest financial institutions when it comes to fiscal exchange (FX) corridors.
The FX corridors in addition to the nations participating in the invention include Australia, New Zealand, the UK as well as the islands in the South Eastern part of Asia. The endorsement of IMB as well as other major institutional banks that use the Stellar protocol for live international fiscal settlements is instrumental in serving as additional corroboration of real-world use cases.
Effectiveness Of Stellar network
This also authenticates the fact that prospective apps and the innovative blockchain technology that are brought about by the Stellar network are effective. It however remains to be seen when the identity of the two fiscal institutions will be made known to the general public.
It is a sensational moment for holders of Lumen since this endorsement comes off the back of even more news of collaboration for Stellar. This is validated with the recent support from Blockdaemon which announced that it will partner with Stellar. Blockdaemon is a well-known Node Deployment and Management Service firm used for the innovative blockchain apps.
Additionally, a key Emerging Markets distributed fiscal system will also be making use of Stellar in its blockchain bionetwork to expedite cheaper instant remittances for their market customers.
Another revolutionary announcement came from Poseidon Foundation, which declared its collaboration with the City of Liverpool. The much-expected launch is scheduled to commence this summer, with the Lightning Network compatibility which is set to begin in October. As a result of the recent announcements in the industry, it seems that more collaborations are impending, especially in the third and fourth quarter.
At present, there are new additions to the Stellar organization. This followed the announcement by Get Wala and the Dala Foundation, which are at this time active in South Africa as well as the East African nation of Uganda. The mission of both entities is to nullify the cost of fiscal service to the public at large.