Stellar (XLM) “Lumens” was up over 150% at press time today post IBM’s partnership announcement. The announcement, which amounts to IBM’s first public venture is rocketing Stellar’s (XLM) value today.
In what it describes as the first use of public Blockchain technology “being used in production to facilitate cross-border payments in multiple integrated currency corridors,” IBM is already convening a group of big banking partners to further the initiative, reports Cointelegraph.
“Currently, cross-border payments take up to several days to clear,” Stellar co-founder Jed McCaleb said in an accompanying blog post.
“This new implementation is poised to affect a profound change in the South Pacific region, and once fully scaled by IBM and its banking partners, could potentially change the way money is moved around the world.”
Perhaps the platform’s most distinguishing characteristic, however, is that the project showcases how private and public blockchain technologies are increasingly being used in tandem. While IBM’s blockchain solutions are designed to complete much of the workflow around transaction clearing, the actual settlement will be conducted using Stellar’s blockchain, reports Coindesk.
For now, the new project is also a balancing act – at once both a small advancement of early-stage technology and an aspirational advance toward more lofty goals.
“For the first time, blockchain is being used in production to facilitate cross-border payments in multiple integrated currency corridors,” Bell said.