Wells Fargo & Co said on Tuesday it will pilot its own digital currency powered ...
) said on Tuesday it will pilot its own digital currency powered by blockchain to help move cash across borders and between branches in real time.
The system will allow the bank to bypass third parties in the asset transfer process saving costs and time, said Lisa Frazier, head of the Innovation Group at Wells Fargo. The pilot will begin next year but the bank has tested the technology by moving money between Canada and the United States. Following the broader roll-out the company hopes to expand to multi-currency transfers.
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