One of the most popular bank Wells Fargo is introduced its own cryptocurrency and they stated its blockchain technology that is utilizing for internal global money transactions are more quick and efficient than other option in the market “SWIFT”.
The Head of the Innovation Group at Wells Fargo, Lisa Frazier said, “It’s faster than SWIFT, cheaper and definitely more efficient.” The bank is using Corda Enterprise software of R3 for its virtual currency. The virtual coin will function on the bank’s circulated ledge networks.
The bank firstly launches it as a Proof-of-Concept and if it becomes successful, then next year it will be introduced as the main project. After JP Morgan, Wells Fargo is the second bank which is launching its own cryptocurrency.
After the news, Weiss Crypto Rating has tweeted on 21st September 2019 and they say that it is another JPM coin. On the other hand, a statement came from the majority shareholder of XRP cryptocurrency, Brad Garlinghouse said earlier-
“This guy from Morgan Stanley was interviewing me, I said ‘So, is Morgan Stanley going to use the JPM Coin?’ And he said ‘probably not.’ So, well is Citi going to use the JPM Coin? Is BBVA? Is PNC? And the answer is no… So, does that mean we’re going to have all these different coins? Are we back to where we are with lack of interoperability? I don’t get it?”
#WellsFargo says its #stablecoin for internal cross-border money transfers is faster & more efficient than #SWIFT. It was built using #R3’s #Corda Enterprise, which Wells Fargo licensed. Another #JPM Coin. If all banks launch their own stablecoins, no one is going to use them.
— Weiss Crypto Ratings (@WeissCrypto) September 21, 2019
Wells Fargo Digital Cash will enable the banks to transfer assets for 20 hours utilizing this blockchain technology and not restricted by the time period of 6 to 9 hours. The virtual currency of Wells Fargo is also secured by the traditional currency in 1:1 ratio. The predictions are that this will be fast like virtual currency and also stable like a traditional asset. The combination of both and it will surely give good competition to JPM coin.