9/23/2019, 1:34 PM (Source: TeleTrader)
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Chart for: International Business Machines Corporation

IBM wants to work with Facebook on tokenization

IBM is interested in a potential partnership with Facebook so the tech companies would work together on digital currency developments, IBM's blockchain services general manager, Jason Kelley, told CNBC on Monday.

Kelley stated: "Our clients are ready to work with (Facebook) and we’re ready to work with all of them to bring it together." He also called blockchain "a team sport." The IBM executive noted that it is vital to make a difference between tokenization and cryptocurrencies as he stressed tokenization of assets means that anything may be issued on a digital ledger, including stocks. Kelley didn't say if IBM was willing to join the group that is developing Facebook's Libra, but he stressed: "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."

Earlier, Facebook announced that its Libra will be backed by a basket of currencies, including the dollar (50%), the euro (18%), the yen (14%), the pound (11%) and the Singapore dollar (7%). However, regulators have warned on numerous occasions of potential dangers Libra could cause in the global economy.

Breaking the News / VP