IBM’s Blockchain World Wire Goes Live and Six New Banks Sign Letters of Intent
By Luke Flowers – Cryptocurrency Speculator
IBM, the global cloud platform and cognitive solutions company, has announced the official launch of the Blockchain World Wire (BWW) on the 18th March 2019. The global network is designed as a cross-border payments solution for financial institutions. A company as big as IBM making this announcement is certain to be positive for the industry and help to encourage crypto buying.
The platform is designed to integrate payment messaging, clearing and settlement through one network with a choice of different assets for settlement. When using BWW, institutions will not be required to buy crypto for the transfer using the initial currency and convert back into a fiat once the transfer has been completed as the system will do it all.
Further to the platform going live, IBM have stated that six international banks have signed letters of intent to launch their own Stablecoins on BWW. Three named banks include Banco Bradesco, Bank Busen and Rizal Commercial Banking Corporation which will see coins pegged to the Euro, Indonesian Rupiah, Philippine Peso, Korean Won and the Brazilian Real. Institution may soon be able to utilise the benefits of buying crypto for transactions without any exposure.
A system like this has been questioned to influence the volatility of crypto assets as it conducts the transfer. As the BWW system will not buy cryptocurrency and subsequently sell it, but just convert to crypto for transfer through the platform, it will not impact the price of the asset.
Through BWW, IBM is working arduously to connect networks around the world for a unified cross-border platform to reduce intermediaries and accelerate settlement. Collaborations with existing institutions will help streamline payment reconciliation, liquidity management, improve operational efficiency and reduce the overall transaction costs for these financial institutions.
Don’t forget to use our platform to buy Bitcoin UK and for the latest developments occurring in the industry!