Wells Fargo stated the intention to test his criptovaluta powered on blockchain to help move cash across their divisions in real time. The currency, denominated Wells Fargo Digital Cash, will be linked to the US dollar and can be transferred using the bank's ledger technology, in order to keep track of payments within its network. In this way the credit institution intends to circumvent the presence of third parties in the process of transferring assets, saving costs and time.
Lisa Frazier, head of the Innovation Group of Wells Fargo, specified his intention to "eliminate intermediaries that can often lengthen the timeframe for making cross-border money transfers".
Of course, the testing of Wells Fargo is purely "internal" and, therefore, customers of what is the fourth largest US bank will not have to make any changes to the way they interact with the institution's structures (the criptovaluta, moreover, it will not be aimed at customers).
Wells Fargo then stated that the pilot phase will begin next year, but that he has already tested the technology by moving money between Canada and United States. Following its wider distribution, the company hopes to expand towards multi-currency transfers in a fully effective way.
Although Wells Fargo executives have long been bullish about the potential of blockchain technology in financial services, the company has repeatedly taken a skeptical attitude towards cryptocurrencies such as Bitcoin, so much so that last year, Wells Fargo joined to its US competitors in prohibiting the purchase of Bitcoin by credit card customers, due to the volatility of this investment.
