An IBM executive stated that his technical team responsible for developing blockchain technology is ready to cooperate with Facebook and discuss ways to develop the technology further, explaining that the development of the blockchain technology system is a team sport.

Jason Kelly, General Manager of Blockchain Technology at IBM added an interview Conducted with CNBC stating:

“Our customers are ready to work with (Facebook) and we are ready to work with all of them.”

Mr. Kelly continued:

“The size of Facebook and its entry into the arena of blockchain technology development will help achieve more legitimacy for blockchain technology.”

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However, the spokesperson did not say whether IBM might join the board of cryptocurrency Libra.

It is possible that IBM, or what is known as the blue giant of the Libra coin, can achieve its ambitions behind this new project from Facebook.

IBM had earlier focused on developing the stellar blockchain, in which it obtained a patent to facilitate cross-border electronic payment.

In March, IBM announced that 6 international banks – RCBC Bank in the Philippines, Banco Bradesco of Brazil, and Busan of South Korea – have signed letters of intent to issue their own stablecoins, which will mostly be backed by fiat currencies.

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