Please select To the mobile version | Continue to access the desktop computer version
Cyber Bitcoin
Edited by qqqpeter at 2019-9-24 07:26

Blocktempo.com reported that Wells Fargo, the world's fourth-largest bank by market value, plans to launch US dollar stable currency "Wells Fargo Digital Cash".

Capture_153.jpg
Image from IStock.com

Wells Fargo & Co., headquartered in New York, USA, was founded in 1852 and is the world's fourth-largest market capitalization bank offering diversified banking services.

According to the company’s official announcement yesterday, Wells Fargo will launch a settlement system service on its first platform based on Decentralized Book Technology (DLT), a project known as “Wells Fargo Bank Digital Cash (Wells Fargo Digital Cash)".

Reduce traditional cross-border friction

The plan will make Wells Fargo's cross-border payment and transfer processes within the global network easier. So far, Wells Fargo has successfully achieved proof of transfer concept between the United States and Canada.

Lisa Frazier, CEO of Wells Fargo's Innovation Group, said,

The world's banking digital services are increasing, and we have seen a growing demand for "reducing traditional cross-border friction." Today's technology puts Wells Fargo in a favorable position.

A representative of Wells Fargo said that Wells Fargo's digital cash is not a cryptocurrency, but a 1:1 anchor relationship with the US dollar or other legal currency in a decentralized bookkeeping system.

The representative also said that the platform will be built on R3's enterprise blockchain network Corda as an internal settlement service that allows fiat money transfers to be marked on the underlying distributed ledger.

Lisa said,
The rich cash at Wells Fargo may make Wells Fargo, eliminating real-time financial interaction barriers in multiple accounts across multiple markets around the world.

When "distributed ledger" becomes a financial trend

The program began in 2020 and was initially piloted from a dollar transfer with the goal of expanding into multinational currency transfers and branch networks across the world's Wells Fargo.

In addition, Wells Fargo’s proprietary cash-only network will not connect to other technology solutions emerging in today’s financial markets, such as the JPM Coin launched by investment bank JP Morgan and the block launched by German insurance giant Allianz. Chain payment tokens and more.

Comparing the cash of Wells Fargo Bank with the functions of JPM Coin, both of which are stable coins, but the latter gives license customers "limited access rights" and "enterprise blockchain solutions", mainly aimed at providing instant access to large clients. Settlement services. While Wells Fargo Digital Cash, there is no specific indication of this limitation.

Observing today's financial services industry, in fact, more and more banking application technology, providing customers with services such as process automation, instant settlement, etc.. The goal is to propose innovations to current financial business or services through blockchain and distributed ledger technology.
Reply

Use magic Report

All comments
    You have to log in before you can reply Login | register

    Points Rules

    Contact
    • 313688250
    • service@cybtc.org
    qqtwitter
    qqtelegram
    qqdiscord
    Copyright© 2019 cybtc.info
    -->
    Quick Reply To Top Return to the list