News

IBM backs new digital stable coin via Stronghold partnership

Wednesday 18 July 2018 09:42 CET | News

IBM has teamed up with US-based financial services provider Stronghold to back a new cryptocurrency pegged to the US dollar.

The stable coin is called Stronghold USD and was launched on July 17 on the Stellar blockchain platform. Stable coins, pegged to an asset like gold, or major currencies such the euro, pound and US dollar, have emerged as issuers seek to expand uses for digital currencies.

Buyers of the coin will deposit greenbacks with the company’s partner bank, Nevada-based Prime Trust, for Stronghold to issue the tokens based on a 1-to-1 ratio. Stronghold USDs are designed for use among businesses, such as financial institutions, multinational corporations, and asset managers, the company said.

The tokens may be made available to retail customers in the coming months. IBM also announced a partnership with Columbia University to open the Columbia-IBM Center for Blockchain and Transparency. It will offer students access to IBM internships and joint research.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: IBM, partnership, stable coin, cryptocurrency, volatility, Bitcoin, digital assets, tokens, Stronghold
Categories:
Companies:
Countries: World





Industry Events