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IBM and Stellar Lumens [XLM]’s World Wire ready for cross border payments in over 72 countries




IBM and Stellar Lumen [XLM]'s World Wire is ready for cross border payments in over 72 countries
Source: Unsplash

IBM announced the launch of World Wire on 19 March 2019, in more than 72 countries. World Wire aims to reduce the friction associated with money transfer all around the world.

Jesse Lund, the Head of blockchain and digital currencies at IBM, elucidated on the same with Stanley Yong, the CTO at IBM. According to Lund, World Wire was an “entirely new type of payment,” designed for regulated financial institutions, including banks and non-banks.

Yong explained that World Wire works by connecting participants in a p2p network, for sharing “financial messages” and digital assets, both of which would be issued on the same network. The results of the settlement and messages are then stored on the blockchain for “audit-ability” and “transparency”.

Lund stated,

“IBM is announcing that it is open for business in payments was support for 72 countries, 47 distinct currencies  and 44 unique banking endpoints and a wide range of pay in and pay out locations around the world.”

Yong added,

“The two main assets that will be available for live transactions on IBM blockchain will wire on day one are the stronghold US dollar and the Stellar Lumens”

Apart from the above, World Wire will help financial institutions communicate with each other on the network, and help fulfill payments in real-time. Additionally, payment data and the value/money will move together on the same network. Lund also explained that the focus of World Wire was to make money move faster than information today.

Furthermore, any financial institution that provides payment services, and requires the movement of money across borders, would be a candidate for IBM’s World Wire, said Lund.

Lund also explained that World Wire would immediately focus on Europe and the Asia Pacific, with support for North America being introduced later this year.

Jed McCaleb, the co-founder and CTO of Stellar Lumens, stated,

“It gives consumers the flexibility to use whatever kind of currency they want, wherever they are in the world so if you have dollars and you’re traveling you can use those dollars seamlessly in any any place in the world. You can pay out in any payout Network in the world, it makes essentially everything interoperable, makes it fast, makes money move much more like email…”

Additionally, Yong confirmed that IBM was working with central banks to help with processing faster payments.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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