Wells Fargo, a North American financial conglomerate, has announced testing of a blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details platform for domestic money transfers. The stablecoin secured by the US dollar will occupy a central place in it.
Wells Fargo tests blockchain platform
On September 17, Wells Fargo North American Bank announced the testing of a blockchain platform for international domestic money transfers of large clients. The bank plans to use stablecoin – essentially the digitized US dollar – for transactions.
The financial institution claims that the platform will allow operations to be carried out during non-operating hours, remove intermediaries, which will reduce the time of transactions and reduce their cost.
Interesting in the section: What is USDC? Complete Starter Guide for USD Stablecoin
- Wells Fargo plans to complete testing in 2020. At this time, the bank will use the blockchain platform only for transfers in US dollars. If the test is successful, the financial institution promises to transfer to blockchain transactions in other currencies
- Prior to this, Wells Fargo used the blockchain to process transactions between bank branches in the USA and Canada. The financial institution claims that this "run-in" of technology was successful
- As of June 30, 2019, Wells Fargo managed $495 billion in assets