Big win for IBM-Stellar [XLM] and Huobi crypto exchange in Australia
Huobi, IBM and Stellar [XLM] together create a major headline in Australia as the government signed an agreement with IBM. In the country, all crypto exchanges and the advancing blockchain technology are about to get a firm establishment. The government of Australia is determined to achieve this goal by luring the top notch IT Company, IBM and Huobi Pro. Stellar network, which collaborated with IBM last year, would equally contribute to the positive impact that the Australian government seeks. BCFocus reported that the crypto exchange, Binance along with Huobi has also bounced up by more than 100%.
In a period of five years, within Australian territory FinTech startups have proliferated rapidly. Besides this, KPMG report suggests that the sub-sectors have also become diversified within a short span of time. During this period, significant amount of investments have been made in the sector of FinTech since the technological ecosystem continues to bloom.
Australian Budget allocation
In the current Australian Budget of 2018-2019 an allocation of $530,000 has been made by the government of Australia. This allocation would promote research work in the domain of blockchain technology under the program of Digital Transformation Agency (DTA). This event is immediately preceded by the request made by Malcolm Turnbull, Prime Minister of Australia.
The government of Australia has signed a $740 million agreement for a term of five years with the one of the top most IT firms, IBM. IBM or International Business Machines Corp. comes together with the government for leveraging and distributing blockchain technology. The fundamental motive behind this unification is upgrade of data security.
The Australian government is quite intrigued about the potential of blockchain technology and hence, makes a major investment for conducting research. Apart from blockchain, the government also lays emphasis on other technologies like artificial intelligence and quantum computing.
According to David La Rose, the managing director of IBM, “this agreement is a testament to our forty-year partnership with the Australian Government. It shows trust and belief in our ability to transform and provide world-leading capabilities, leveraging our investments locally in AI, blockchain, quantum and cloud.”
In 2017, IBM and Stellar [XLM] united through an agreement for leveraging the Stellar network to serve as a “core backbone.” This agreement facilitated in providing solution for international banking transaction in the evolving markets.
One of the propular crypto exchanges in the world, Huobi declared that trading is launched on its Australian digital platform, as well. The newly appointed CEO of Huobi Australia, Adrian Harrison commented, “keen to partner with the growing numbers of Australian blockchain projects looking to list in a maturing market, Crypto-traders in Australia are increasingly knowledgeable and sophisticated.”
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