Wells Fargo tests cryptocurrency for internal transactions [Reuters (UK)]
Wells Fargo & Company (WFC)
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Source: Reuters
Wells Fargo tests cryptocurrency for internal transactions - Reuters 3 Min Read (Reuters) - Wells Fargo & Co ( WFC.N ) said on Tuesday it will pilot its own digital currency powered by blockchain to help move cash across borders and between branches in real time. The currency, called Wells Fargo Digital Cash, will be linked to the U.S. dollar and transferred using the bank’s distributed ledger technology to keep track of payments within its internal network. The system will allow the bank to bypass third parties in the asset transfer process saving costs and time, said Lisa Frazier, head of the Innovation Group at Wells Fargo. “We are eliminating the intermediaries which can often extend the timeline to be able to do cross border money transfers,” she said. The fourth largest U.S. bank’s corporate clients will not have to make any changes to the way they interact with the bank since the currency will not be client-facing. The pilot will begin next year but the bank has tested the te
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WFC
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- 4/12/24 - Beat
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Sec Filings
- 4/17/24 - Form 424B2
- 4/17/24 - Form PX14A6G
- 4/16/24 - Form 3
- WFC's page on the SEC website