IBM Decided To Support New Cryptocurrency Stronghold USD
Innovation technology leader IBM which is American multinational technology company headquartered in Armonk, New York, United States cooperated with US–established Stronghold, a budgetary services organization, to take a shot at a cryptographic money binded to the US dollar. The new established coin is intended to acquire some steadiness in the unstable crypto space.
Stronghold was founded in 2017 and now is a financial firm based on an asset–agnostic global payment and trade ecosystem. It has a cryptocurrency exchange platform managed on Stellar, where clients can buy and sell Bitcoin, Ethereum, and Lumens. The new Stronghold USD coin is also relying on the hardware provided by Stellar. A year ago, Stellar cooperated with IBM to create a blockchain platform to maintain money transfer in the South Pacific area.
Stronghold USD was propelled on Tuesday on the Stellar blockchain. If the organization want to issue the coin with the 1:1 proportion the potential purchasers should store fiat cash with Stronghold’s partner bank – Prime Trust.
The new established cryptocurrency is designed to be utilized by enterprise entities such as financial institutions, corporations, and asset managers. Subsequently, the coins will also become available to the general society.
It is mentioned in the report that Stronghold founder and CEO mentioned that the token enables entities to hold fees and Forex operations among the firms in a safe and continuous way.