IBM Is Open to Working with Facebook in Developing the Libra Cryptocurrency

IBM Blockchain and Crypto Office

International Business Machines (IBM), one of the largest international IT companies worldwide, stated on Monday that it is looking forward to collaborating with Facebook and working on its cryptocurrency Libra.

IBM’s general manager of blockchain and crypto services, Jason Kelley, said in an interview that the company encourages cooperation between companies to develop newer technologies like blockchain. Kelley stated that blockchain is a team sport and that IBM’s clients are ready to work together with Facebook and looking forward to bringing it together.

Kelley further emphasized the importance of drawing differences between discussion of cryptocurrencies and the process of converting assets into tokens, since currencies, tokens and stocks can now be issued on databases and digital ledger and it is a crucial part of their collaboration.

IBM is one of the leading companies that is actively developing blockchain technology, inspired by the proliferation of cryptocurrencies like Bitcoin(BTC)trade, and develop its own blockchain platforms and digital databases that span across a distributed network of IT devices and organizes data accordingly. The company claims that its reason for doing so is to have more transparency around the company’s activities. By doing so, things like banking and managing supply chains will become much easier.

Costumers have started drawing differences between the most popular cryptocurrency Bitcoin and Facebook’s recently introduced cryptocurrency Libra, which is fixed to many other currencies like the dollar. The Libra digital coin will be monitored by a Swiss-based association of companies including Facebook, Visa, Mastercard and Uber called the Libra Association.

Kelley has not yet stated if IBM was looking to join the Libra Association or has other independent plans. He says that the talk around Libra is surrounded with claims that it is just another cryptocurrency and he further reinforces that people should not focus on the cryptocurrency part and talk about tokenization.

The Libra Shockwave

Facebook’s introduction of the digital currency Libra several months ago has caused a massive economic earthquake all over the world.

Previously, regulators and lawmakers have shown distrust over Facebook’s proposition to introduce a cryptocurrency, with European countries like France and Germany both on board with blocking it from the European Union altogether. As AllStocks Crypto News reported last week, the European Central Bank is planning to introduce its own native cryptocurrency in order to counter Facebook Libra.

The chief of policy and communications for the Libra Association, Dante Disparte, said that the group of companies was built on the foundation of collaboration between some of the most prominent and promising organizations in the world. The Libra association has set a goal of expanding their horizons and welcoming a diversity of partnerships.

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