American financial giant Wells Fargo plans to launch Wells Fargo Digital Cash, a settlement service, on its own blockchain platform, which will compete with JPM Coin.
The press release notes that Wells Fargo Digital Cash will make the company’s operations more noticeable and that payments will be made in real time. Also, the settlement service will allow for international payments within the company. At the same time, Wells Fargo Digital Cash will not be a cryptocurrency.
“It will be a secured 1: 1 tokenized fiat currency based on distributed registry technology. We will launch an internal settlement service on the blockchain with support for tokenized fiat currency, ”Wells Fargo reports.
First, payments in US dollars will be available on a platform built on the R3 Corda blockchain, and then support for other fiat currencies will be added. The launch of the pilot project is scheduled for next year.
“Wells Fargo Digital Cash will help the company remove barriers to real-time financial interactions between multiple accounts at multiple trading floors around the world,” said Wella Fargo Innovation Manager Lisa Frazier.
Recall that in June, JPMorgan Bank began testing its cryptocurrency JPM Coin together with corporate clients.
Related posts:
GitHub Libra Code draws criticism from users 
Tipping on Reddit and Vimeo in BAT introduced by Brave 
Newcomers to the crypto market have to pay attention to scams and pump and dumps 
Hardly any growth in downloaded crypto apps, despite tripling price bitcoin 
Bloomberg accepts Bitcoin – says cryptomonads are here to stay 
The Central Bank can release their cryptocurrencies earlier than expected
