Stable-Coin Series: Facebook’s Crypto-Project To Get ‘Helping Hand’ From IBM

Of late, Facebook’s cryptocurrency project, ‘Libra’ has been audaciously confronting the regulatory hindrances. French and German regulators have very recently come up with a new attack on Libra which could be the major setback, European authorities in their statements: it is going to be a threat to the financial sovereignty of nations. In response, the Libra Association has doubled down, promising to work with regulators, but committing to a Q1’2020 launch.

Well, thereby, it implies that Facebook’s venturing into blockchain and cryptocurrency project still has robust conviction despite several regulatory obstacles and no support from the U.S. Congress as well.

Amid such regulatory logjam scenarios, the general manager of blockchain services at software and computer giant IBM, Mr.Jason Kelley, has divulged that they are ready to render helping hand to Facebook’s crypto-aspirations in establishing Libra. 

IBM has time and again laid the emphasis on the blockchain and cryptocurrencies’ prospects and have promoted the integration of Blockchain-based system with the conventional business environments, such as banking, trade finance, supply chain management system etc. 

Kelly has now hinted their plans of assisting facebook’s crypto project at CNBC interview, by reckoning“blockchain is a team sport”.

The renowned multinational IT giant, ‘IBM’ in the recent past, processed overseas payments on the Stellar network deploying Stronghold USD which has been a stable coin pegged to the U.S. dollar.

Dante Disparte, the head of policy and communications for the Libra Association, also told CNBC, the group was “built on a foundation of collaboration between some of the foremost organizations and companies in the world. With a goal of having 100 members at launch, we look forward to continuing to build diverse partnerships.”