Stellar Lumens Jumps 7.3% Following IBM World Wire Announcement

Stellar Lumens was recently leveraged in IBM's blockchain solution, World Wire, which uses the technology to help eliminate intermediaries involved in cross-border money transfers.

Stellar Lumens is an open-source cryptocurrency, similar to XRP, that aims to facilitate remittances by creating a platform that connects banks and payment systems to move money "Quickly, reliably, and at almost no cost." The system was created by the founder of Mt. Gox and co-founder of Ripple, Jed McCaleb.

"World Wire was initially announced by IBM in October of 2017. The network now boasts 44"banking endpoints for optimizing the exchange of 47 currencies in 72 countries, according to an IBM press release on Mar. 18th. Allegedly, the network is the first of its kind to use a "Single unified network for all components of a foreign exchange transaction."

Today, #IBM #Blockchain World Wire has enabled payment locations in 72 countries, with 47 currencies and 44 banking endpoints.

The announcement comes on the heels of XLM's recent listing on Coinbase Pro.Details on World Wire.

Rather than using conventional correspondent banks, the network uses Stellar to conduct point-to-point money transfers.

Six international banks, including Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation have signed letters of intent to issue their own stablecoins on World Wire.

Once approved, this will add the Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real stablecoins to the World Wire network.

"We're focused on innovation that adds value for our customers, and World Wire presents a tremendous opportunity to transform and enhance our payment infrastructure."

In aggregate, financial institutions conduct over $500 billion in remittance and international money transfers a year, according to figures from the World Bank.