IBM is Willing to Team Up With Facebook on Blockchain
An IBM executive said that IBM is willing to team up with Facebook to develop blockchain technology.
“Our clients are ready to work with (Facebook) and we’re ready to work with all of them to bring it together,” Jason Kelley, IBM’s blockchain general manager, said in an interview with CNBC.
Kelley said a company the size of Facebook entering the fray helps to bring more legitimacy to the underlying blockchain technology. However, he did not mention whether IBM was interested in joining Facebook’s stablecoin consortium, known as the Libra Association.
Facebook’s Libra stablecoin could be key for Big Blue to realize its ambitions for applying its blockchain technology to the financial services industry.
IBM has been focused on developing its patented Stellar blockchain to facilitate cross-border payments and launched the World Wire, an international payments system that uses Stellar.
World Wire aims to skip banking intermediaries that add complexity and cost to the traditional international payments systems by replacing them with digital assets sent over a distributed network.
Stablecoins backed by local fiat currencies are seen as one of the best digital assets to substitute traditional banking intermediaries.
World Wire has payment locations in 72 countries, with 48 currencies and 46 “banking endpoints” where people can send or receive cash, according to a statement from IBM. (Positive)
SIX Swiss Exchange Postpones Launch of Blockchain-Powered Platform SIX Digital Exchange
According to the official announcement published on Sept. 23, SIX has launched a prototype of its digital exchange and the central securities depository (CSD). The full launch is now expected in Q4 2020. The document explains:
“The objective of the prototype is to showcase the future of financial markets to the community and obtain feedback as well as demonstrate that a distributed CSD – based on DLT – can be integrated with a central order-book stock exchange model to ensure fair market conditions for all.”
According to the report on Sept. 23, a spokesman said SIX moved the full launch of SDX to the end of 2020 primarily due to legal and regulatory issues. The exchange is reportedly still in negotiations with partner banks, the services of which it will offer on the platform. The spokesperson said:
“Future releases will offer more functionality, with a particular emphasis on asset servicing, in Q1 2020. The full launch is expected in Q4 2020.”
SDX was initially announced in July last year, with plans to be rolled out in mid-2019. At the time, a news release said SDX intends to become “a fully integrated trading, settlement and custody infrastructure for digital assets,” which it claimed would be the world’s first to “offer a fully integrated end to end trading, settlement and custody service.”
SIX previously chose to use blockchain consortium R3’s Corda Enterprise platform for SDX. In February 2019, the company announced it would be testing blockchain integration for SDX, and would use the technology to tokenize stocks, bonds and possibly exchange-traded funds.
Recently, SIX asked the Swiss central bank to issue a stablecoin, which will be used to settle payments on SDX. (Neutral)
Bakkt Trades 71 Bitcoin Futures Contracts in First Day
Bakkt, the bitcoin derivatives trading platform, has completed its first full day of trading. The firm saw 71 monthly futures contract and 1 daily futures contract traded through its platform—approximately $711K in notional trading value.
In an interview with CNN on Monday, COO of Bakkt Adam White says “Bakkt is really designed for the institutional trader. So this is a futures contract. That said, we expect this futures contract to trade through retail brokerages as well, so retail customers can trade this contract.” (Positive)