Why Wells Fargo plans to pilot its own cryptocurrency
Wells Fargo & Company this week announced plans to pilot an internal settlement service using a homegrown cryptocurrency backed by fiat money, starting with the U.S. dollar.
Wells Fargo Digital Cash, which will run on the bank’s first distributed ledger technology (DLT) platform based on the R3 Corda Enterprise blockchain specification, will enable internal book transfers of cross-border payments within the bank’s global network. It will also allow bank’s international locations to exchange that digitized money among themselves.
The world’s fourth-largest bank said it has already successfully tested the technology between U.S. and Canadian accounts using U.S. dollars. Additional currencies will be considered after the pilot, according to a spokesperson.