IBM is collaborating with Facebook on digital currency efforts, an executive with the technology giant confirmed to CNBC.
Jason Kelley, the general manager of blockchain services at IBM, said the company is looking to work with other industries to expand the use of blockchain.
"Blockchain is a team sport," Mr. Kelley told CNBC. "Our clients are ready to work with [Facebook] and we're ready to work with all of them to bring it together."
Specifically, Mr. Kelley is working to distinguish cryptocurrencies and the tokenization of assets. The tokenization of assets is when everything from currencies to stock can be traded on a digital platform.
IBM has used the principles behind cryptocurrencies to develop blockchain solutions that support data sharing for various industry players, including banking and supply chain companies. The company says the use of blockchain brings more transparency.
Early this year, Facebook released its digital token libra. It is unclear if IBM will get involved with the other companies overseeing the libra coin.
"We talk about libra and people say it's just another crypto," Mr. Kelley told CNBC. "Set crypto aside and talk about tokenization, because that's what we're talking about."