In this photo illustration, a visual representation of a cryptocurrency sits on display in front of a Facebook logo.

IBM is open to working with Facebook on its digital currency efforts, an executive at the company told CNBC.

Jason Kelley, IBM's general manager of blockchain services, said the firm was looking to foster "collaboration" across industries when it comes to a technology like blockchain.

"Blockchain is a team sport," he told CNBC on Monday. "Our clients are ready to work with (Facebook) and we're ready to work with all of them to bring it together."

Kelley said it was important to distinguish between talk of cryptocurrencies and the "tokenization" of assets, where everything from currencies to stocks can be issued on a digital ledger. He said a company like Facebook entering the fray helps to bring more legitimacy to the underlying technology.

Companies like IBM have taken the principles behind cryptocurrencies like bitcoin to create their own blockchain solutions that organize data across a distributed network of computers. The benefit of doing so, they argue, is that it creates more transparency around everything from banking to supply chain management.