Wells Fargo develops a stablecoin for internal use

In its pilot phase, the cryptocurrency driven by Wells Fargo will be used under the blockchain platform, initially for the internal liquidation of the company for international payments within its global network through a token, as announced by the Conservative banking institution through a press release on Tuesday.

For Lisa Frazier, director of the Innovation Group of the company, to the extent that Wells Fargo is entering the digital world, the banking institution will be in “a growing demand to reduce friction even more with respect to traditional borders, and current technology puts us in a solid position to do it.”

She also said that the patented distributed accounting technology (DLT) platform will allow funds to be moved between different international locations, eliminating the need for intermediaries and reducing the time and costs associated with such transactions. “Almost in real time” and “without impact on the underlying account, transaction postings or reconciliation infrastructure.”

The executive Frazier added: “We believe that DLT is promising for a variety of use cases, and we are encouraged to take this significant step in the application of technology to banking in a material and scalable manner”. Its assertion places this digital currency as one of the potentials that will allow Wells Fargo to eliminate barriers to financial interactions between multiple accounts in various markets around the world, offering security and reliability.

Before the launch of its stable currency linked to the US dollar, Wells Fargo already showed its intention to enter the world of blockchain technology, after because its signals in the application for a patent for a confidential data tokenization system, a prototype Banking and a commercial financing platform aimed at the cotton market indicated that the institution’s next step was to face the world of finance and digital currency management.

K.Villarroel

Source: dailybitcoin