The latest bank to join the crypto bandwagon is Wells Fargo, which will be using its own digital currency coined as “Wells Fargo Digital Cash” for international transactions and payments almost instantly. Pegged to the US dollar, their new system uses Distributed Ledger Technology (DLT) to improve their payment record systems.
Lisa Frazier, Head of the Innovation Group at Wells Fargo, said the system will help the company to transfer the money directly to the recipient’s account, thus saving costs and time.
Wells Fargo has already completed the initial phases of testing via transactions between the United States and neighbouring Canada. The bank expects to apply their new digital currency across a wider basket of currencies.
Like most financial institutions in the US, Wells Fargo has not been very positive in his comments on the potential of Bitcoin and cryptocurrency; however, its executives are keen to see more development of blockchain in financial services.
