United States’ Wells Fargo to test its own cryptocurrency


  • Wells Fargo set to break the traditional boundaries with the introduction of Wells Fargo Digital Cash.
  • The bank commits to exploring the possibilities of DLTs and their use in the financial sector.

The fourth-largest bank in the United States is preparing to test the working on its own developed cryptocurrency. However, the digital asset will not be released for public use but will be integrated for internal transactions.

The crypto referred to Wells Fargo Digital Cash is pegged on the US dollar. The bank will use it for internal settlements across local and international branches. The head of the innovation group at Wells Fargo said in a comment:

“As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.”

Wells Fargo is committed to exploring the potential decentralized technologies (DLTs) have. The technologies will be used within the banking sector in a scalable way. Wells Fargo has become another entrant into the cryptocurrency industry with own crypto. JP Morgan already announced the development of JPM Coin which will be used mostly for its corporate clients.

 

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