Today Wells Fargo announced a blockchain pilot for settlements within the group. The bank plans to launch Wells Fargo Digital Cash, a tokenized currency, over a private blockchain network. The pilot will go live in 2020.
Wells Fargo Digital Cash will be used to complete internal cross-border payments within the group. The bank plans to scale the distributed ledger (DLT) network to other operations in the future.
Wells Fargo clarified that its blockchain network will not be connected to any other digital cash solution and is proprietary to the group and its subsidiaries. That said, corporate customers will be able to take advantage of the real-time settlement without needing to make any process changes.
“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way,” said Lisa Frazier, head of the Innovation Group at Wells Fargo. “Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”
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