U.S.-based financial services giant Wells Fargo is going to launch its own digital currency, “Wells Fargo Digital Cash,” on its own first blockchain platform.
The company announced the news on Tuesday, saying that the planned digital currency will bring in operational efficiencies, including “real-time” processing of payments. It will allow Wells Fargo to settle internal cross-border payments across its global network of corporate clients.
The pilot project, planned for next year, is expected to complete USD transfers initially. It will also add support for multiple currencies and the entire global Wells Fargo branch network in the future, per the announcement.
“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,” said Lisa Frazier, head of the innovation group at Wells Fargo.