As one of the biggest innovation companies in the field of blockchain and its ecosystems, IBM’s latest executive departure of Stanley Yong, the company’s Global Lead on Central Bank Digital Currency Solutions is a huge step back on the company’s goals in blockchain. The report hails from Michael Craig, a securities author and editor of Modern Consensus who writes,
“Yong’s departure represents a big loss for the Fortune 100 firm and to its ambitions in the field of cross-border payments.”
This becomes the second loss to Big Blue’s blockchain and cryptocurrency department after the sudden departure of Jesse Lund from the position of IBM’s global head of blockchain for financial services and digital currencies. The outspoken head of blockchain famously predicts the price of Bitcoin to hit the $1 million USD mark in future.
The reason for the departure of Lund still remains unclear weeks later after a feeble response from the company stated,
“We can confirm that Jesse Lund is no longer employed by IBM. IBM’s practice is not to discuss the specifics of employee departures.”
No further response on the matter has been offered from the company.
Jesse Lund (Source: YouTube)
Yong is also on his way out after being Steller’s advocate in the company since joining from the Monetary Authority of Singapore (MAS), where he was Head of Innovation Acceleration for almost a decade.
The loss of two top executives and blockchain ambassadors is a huge blow to the future prospects of IBM in the field especially Stellar blockchain, their leading cross border payment solution.
Stellar’s Partnership With IBM In Doubt
The exit of Lund and Yong is set to have massive ramifications on the blockchain department in the field and more so Stellar. IBM is one of the best technological firms in the world and having a partner like them opens your platform to huge developmental prospects and more networks. According to Craig however, the company’s partnership with Stellar is in doubt with the biggest advocates on the partnership having left.
Doubts started arising in the partnership following the 67 minute freeze of Stellar’s blockchain after consensus to verify transactions was not reached. Furthermore, the past of Stellar’s founder, Jed McCaleb is not particularly clean following his involvement in the Mt. Gox scandal and further dismissal from the CEO position at Stellar Development Fund (SDF) by the board.
Notwithstanding, top executives at IBM including General Counsel Michelle H. Browdy have doubts on the gray market regarding ICO projects launching on Stellar.
Will Stellar Survive The Probable Hack From IBM’s Partnership?
The evidence points to IBM-Stellar partnership coming to an end sooner rather than later. Yong and Lund leaving, the Stellar blockchain failure, and the doubts from top executives in the company all make solid arguments for the end of the partnership. Furthermore, the SDF are yet to receive tax-exempt status recognition from the federal government’s IRS despite Stellar being registered as a non-profit firm in Delaware.
While Stellar’s days seem to be numbered with IBM, with the latest exists of its advocates, blockchain in the firm is already deep rooted and will not suffer at any cost. IBM is already making huge partnerships with financial institutions across the world to integrate its decentralized solutions. Companies such as Walmart, KPMG and Merck, a pharmaceutical company, have integrated IBM’s systems showing the potential level of growth blockchain is facing in the company.
Stellar (XLM) enthusiasts and the community will be hoping Lund and Yong’s exists to be fairer on them but with two of their greatest advocates in the firm gone, it is a long shot to call.
- Source: First Appeared Here
- Published Time: 2019-06-18 16:13:09
The views and opinions expressed in the article Is the IBM and Stellar Development Fund (SDF) Relationship On the Outs Given Recent Events? do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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