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Wells Fargo to launch its own digital currency on its own blockchain for payments

U.S. 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 the planned digital currency will bring in operational efficiencies, including "real-time" processing of internal payments. It will allow Wells Fargo to “complete internal book transfers of cross-border payments within its global network using digitized cash — and for those international locations to exchange that digitized cash among themselves.”

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, 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.

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