Bitcoin And Stellar Get Another Boost From IBM

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IBM fueled a Bitcoin and Stellar rally recently. On Monday, Big Blue announced that its Blockchain World Wire, a real-time global payments network for regulated financial institutions on the Stellar network, has expanded in more than 50 countries.

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IBM&a;rsquo;s Blockchain World Wire global payment network has a couple of advantages over conventional global network payment systems. One of them is that it can clear and settle global payments in real-time on the same network using stable coins and cryptocurrency, in addition to fiat currency.

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Then, there&a;rsquo;s the elimination of many layers of intermediaries that are error prone, costly and often times take several days to settle.

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And there&a;rsquo;s limited transparency. That&a;rsquo;s especially important in emerging and frontier economies, where financial systems aren&a;rsquo;t well developed; and a large mass of people have no access to financial institutions.

&q;We&s;ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most, &q; said Marie Wieck, General Manager, IBM Blockchain. &a;ldquo;By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.&q;

IBM&a;rsquo;s announcement added momentum to Bitcoin and cryptocurrency rally, which began last week. XLM gained 10% over the last seven days &a;mdash;see tables 1 and 2.

&l;strong&g;Table 1&l;/strong&g;

&l;strong&g;7d Price Change For Major Cryptocurrencies&l;/strong&g;

&l;/p&g;&l;div class=&q;table-wrapper&q;&g;&l;table&g;&l;tbody&g;&l;tr&g;&l;td width=&q;251&q;&g;Cryptocurrency&l;/td&g; &l;td width=&q;216&q;&g;%7d&l;/td&g; &l;/tr&g;&l;tr&g;&l;td width=&q;251&q;&g;Bitcoin&l;/td&g; &l;td width=&q;216&q;&g;4.11&l;/td&g; &l;/tr&g;&l;tr&g;&l;td width=&q;251&q;&g;Ethereum&l;/td&g; &l;td width=&q;216&q;&g;4.36&l;/td&g; &l;/tr&g;&l;tr&g;&l;td width=&q;251&q;&g;XRP&l;/td&g; &l;td width=&q;216&q;&g;2.94&l;/td&g; &l;/tr&g;&l;tr&g;&l;td width=&q;251&q;&g;XLM&l;/td&g; &l;td width=&q;216&q;&g;10.00&l;/td&g; &l;/tr&g;&l;/tbody&g;&l;/table&g;&l;/div&g;&l;em&g;Source: Coinmarketcap.com&a;nbsp;&l;/em&g;3/19/19 at 3:10 a.m.

&l;strong&g;Table 2&l;/strong&g;

&l;strong&g;Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks&l;/strong&g;

&l;div class=&q;table-wrapper&q;&g;&l;table&g;&l;tbody&g;&l;tr&g;&l;td width=&q;477&q;&g;Cryptocurrencies Advance/Decline&l;/td&g; &l;td width=&q;467&q;&g;Number&l;/td&g; &l;/tr&g;&l;tr&g;&l;td width=&q;477&q;&g;Advance&l;/td&g; &l;td width=&q;467&q;&g;83&l;/td&g; &l;/tr&g;&l;tr&g;&l;td width=&q;477&q;&g;Decline&l;/td&g; &l;td width=&q;467&q;&g;17&l;/td&g; &l;/tr&g;&l;/tbody&g;&l;/table&g;&l;/div&g;&l;em&g;Source: Coinmarketcap.com&a;nbsp;&l;/em&g;3/19/19 at 3:10 a.m.

This isn&a;rsquo;t the first-time Bitcoin, Stellar, and other cryptocurrencies get a boost from IBM. Back in July, Big Blue announced a partnership with Stronghold a digital currency backed by US dollars traded on the Stellar Blockchain Network.

That was&a;nbsp;a new way for IBM to make a blockchain-based &q;stable coin&q; available to IBM clients; and monetize its new technologies.

This partnership was a significant step forward for cryptocurrencies. This is because instead of Stellar trying to compete with chartered financial institutions, they were able to include them in a productive way that is beneficial to all parties involved.

And that&a;rsquo;s why XLM rallied more than 50%, following the announcement of Stronghold agreement back then.

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