IBM Wants to Work With Facebook on Libra

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Speaking to CNBC, an executive at IBM stated that they would be open to working with Facebook on its Libra cryptocurrency.

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Talking was one Jason Kelley, the general manager of blockchain services at IBM. He had said that they were looking to collaborate with anyone moving into blockchain no matter their industry of focus.

IBM is Team-Building the Blockchain

Kelley had said that “blockchain is a team sport” and that his clients are “ready to work with” Facebook and other companies to help these projects come to fruition. He also claims that groups like Facebook pushing blockchain bring legitimacy to the technology and ensure it could be pushed to mainstream users.

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However, it’s unknown if this is a call to join the Libra Association – the consortium behind Facebook’s project made up of companies like PayPal and Mastercard – or that they’re simply open to collaboration. After all, IBM believes in blockchain’s ability to enhance the supply chain experience, which they want to push as a business standard.

Tokenization Over All

It’s because the company is focusing more on the tokenization aspect than simply a cryptocurrency being a cryptocurrency. It’s not just a digital asset as a financial solution, but rather a way to digitize identification, access, and more. “We talk about libra and people say it’s just another crypto. Set crypto aside and talk about tokenization, because that’s what we’re talking about,” claims Kelley.

However, Libra still has a ways to go. While the company is strongly targeting a release date of next year, regulators and governments aren’t completely convinced. Regardless, the social media giant is still pushing forward with new ideas to enhance the Libra experience.

What do you think about the current state of Libra? Is IBM right about tokenization being a focus? Let us know your thoughts in the comments below.


Images are courtesy of Shutterstock.

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Max is a cryptocurrency journalist with an affinity for games and emerging technology. After leaving school to start a writing career, he wrote his first article on blockchain and fell down the rabbit hole. Since starting in 2017, Max has worked with multiple blockchain startups and crypto enthusiast spaces, doing his best to educate the world on the nascent technology. Max has been published in various blockchain and crypto related magazines before settling down at BeInCrypto to focus on long-form content.

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