Wells Fargo Digital Cash (cryptocurrency)

2019: Wells Fargo Bank launches its cryptocurrency

In mid-September 2019, Wells Fargo Bank announced the launch of its own cryptocurrency. With its help, the company will conduct international translations in real time.

The digital currency, dubbed Wells Fargo Digital Cash, will be pegged to the U.S. dollar and applied using blockchain technology to track payments within the bank's network. The system will allow the bank to do without intermediaries when transferring assets, saving money and time. At the same time, corporate clients of the fourth largest bank in the United States are not threatened with any changes, since the currency will not be customer-oriented, the press release said.

Wells Fargo announces launch of its own cryptocurrency

The full-scale launch of Wells Fargo Digital Cash is slated, but the bank has already tested the opportunities when transferring funds between Canada and the United States. Testing continues by September 2019, with plans to connect other currencies to Wells Fargo Digital Cash. After the widespread introduction of blockchain technologies, the company hopes to switch to multi-currency transfers.

Although Wells Fargo executives are optimistic about the potential use of blockchain technologies in financial services, the company was skeptical of well-known cryptocurrencies such as bitcoin. In 2018, Wells Fargo, together with several other US banks, banned the purchase of bitcoins to customers of their credit cards due to investment volatility.

However, this does not prevent banks from experimenting within the limits that they are able to control. Wells Fargo is not the first American bank to issue its own cryptocurrency - in February 2019, JPMorgan Chase & Co did the same, guided by practically the same reasons. Their cryptocurrency, also linked to the US dollar, allows corporate clients to instantly transfer funds through the bank's internal network.^[1]

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