IBM is backing a new cryptocurrency pegged to the U.S. dollar, in a partnership with U.S.-based financial services provider Stronghold, that adds stability to a sector known for its volatility.
Stronghold USD, launched on Tuesday on the Stellar blockchain platform. 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.
Also, yesterday IBM 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.