Wells Fargo today announced plans to create its own digital cryptocurrency ‘Wells Fargo Digital Cash’ to be used as a settlement method within its global network. The digital currency will run on Wells Fargo’s first blockchain platform.

The blockchain-based settlement network will help Wells Fargo to remove barriers to real-time financial interactions across multiple marketplaces, reducing transfer time and costs.

Wells Fargo ‘s blockchain-based settlement solution has already been successfully tested in moving USD value between the U.S. and Canada.

The pilot, planned for 2020, is expected to complete USD transfers initially. In the future, it plans to expand to multicurrency transfers and the entire global Wells Fargo branch network. Lisa Frazier, head of the Innovation Group at Wells Fargo, said –

“As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that”.

About Wells Fargo: Wells Fargo & Company is an American multinational financial services company. It is the world’s fourth-largest bank by market capitalization and the fourth largest bank in the US by total assets.

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