IBM agreed to partner with Facebook for developing a blockchain technology, said an IBM executive, adding that creating a blockchain ecosystem is “a team sport”, requiring a team effort. 

In an exclusive interview with CNBC, IBM’s blockchain general manager, Jason Kelly said:

“Our clients are ready to work with (Facebook) and we’re ready to work with all of them to bring it together.” 

Kelly also noted that given the size of Facebook, the company entering the blockchain space increases the legitimacy. Even so, he did not mention whether IBM was interested in joining the Libra Association, which is Facebook’s stablecoin consortium. 

The Libra stablecoin by Facebook is could make the Big Blue realize its intent for implementing its blockchain technology to the finance industry. 

IBM has been focusing primarily on developing its Stellar blockchain for enabling international payments and also released a cross-border payments system, World Wire, which applies Stellar. 

World Wire’s objective is to eliminate the need for banking intermediaries that increase the complexity as well as the expenses to the existing international payments systems by replacing them with digital currencies that can be transferred over a distributed network. 

Stablecoins, which are backed by the local fiat currencies, are the best digital assets to replace the traditional financial intermediaries. 

Earlier in March, IBM revealed that six international banks had signed the letters of intent to issue tokens backed by fiat currencies or stablecoins. These banks included the Banco Bradesco in Brazil, RCBC based in the Philippines, and the Bank Busan of South Korea. 

Per the statement by IBM, World Wire has payment locations in nearly 72 countries, with 46 “banking endpoints” where people can receive or send cash, and 48 currencies.