IBM Says It’s Open to Working With Facebook on Libra Crypto

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Technology behemoth International Business Machines (IBM) is open to working with Facebook on its Libra stablecoin, CNBC reported on Sept. 23.

IBM’s general manager of blockchain services Jason Kelley said that the company is looking to spur collaboration in the space, noting that “blockchain is a team sport.” He also highlighted the firm’s openness to the idea of collaborating with Facebook:

“Our clients are ready to work with [Facebook] and we’re ready to work with all of them to bring it together.”

Tokenization, not cryptocurrencies

IBM has created its own blockchain, which the company claims enables greater “transparency around everything from banking to supply chain management.” 

Kelly did not say whether the firm was interested in joining the Libra Association. Though he did acknowledge that Facebook’s entry in the industry helps boosts its legitimacy. 

Nevertheless, he did distance himself from cryptocurrencies, focusing on tokenization instead, which allows digitizing any asset, including fiat currencies or stocks. He said: 

“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.”

As Cointelegraph reported earlier today, Facebook has acquired the AI-based chat-bot startup Servicefriend for customer service for Calibra, the digital wallet for Facebook’s planned Libra cryptocurrency.