- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.