IBM Is Ready To Collaborate With The Libra Crypto Project

IBM is ready to collaborate with the Facebook Libra project according to Jason Kelly who is the general manager of blockchain services because he believes the blockchain is only about the collaboration between projects so let’s find out more in the latest cryptocurrency news below.

IBM is one of the biggest companies that is dedicated to exploring blockchain solutions but also is a part of the Hyperledger consortium of companies who want to invest and learn about this technology or they already offer solutions. IBM is not a member of the Libra association and the company has never expressed intentions of joining. Kelly stated:

‘’Blockchain is a team sport… Our clients are ready to work with (Facebook) and we’re ready to work with all of them to bring it together.’’

Kelly commented o the difference between the cryptocurrencies and tokenization and stated that Libra will work based on the tokenizing principle which means forming a basked of real-world national currencies. The coin itself will not replace any government-issued currency since the social media giant already explained how they want to back the coin with fiat. Libra expects to be backed by a basket of currencies, mostly by the US dollar by 50 percent and another 18 percent of the funds will be held in Euros and 14 percent in British pounds. The remaining 11 percent will be held in Singapore dollars and 7 percent in Japanese yen. The Chinese yuan is not in the game since the US regulators believe that the currency is potentially manipulated.

Facebook’s libra has some increased oversight in the USA while the European countries remain highly cautious. The German and French ministers have already issued some concerns about using Libra saying it could challenge the monetary sovereignty. The European Central Bank takes care of the money supply in Europe and is also very skeptical about the assets that aim to work as a payment system. IBM is ready to work on new distributed network solutions with Stellar as well and is always supporting the Blockchain and not the Bitcoin idea. There are more than 500 clients that use the IBM blockchain solutions as we previously read in the altcoin news since the company organizes hackathons and events in order to boost the potential in the crypto space.