Wells Fargo to Launch Blockchain-Based Deposit Service for Companies This Fall
Summary
- Wells Fargo plans to launch a service that converts corporate clients’ bank deposits into blockchain-based tokens for 24-hour transfers and settlement.
- The service will turn bank deposits into a digital form that can be used on a blockchain, enabling fund transfers and payments regardless of banking hours.
- The move by Wells Fargo, the fourth-largest U.S. bank by assets, highlights the growing expansion of major financial institutions into the digital-asset market.
Forecast Trend Report by Period
Wells Fargo plans to launch a service this fall that will convert corporate clients’ bank deposits into blockchain-based tokens, allowing funds to be transferred and settled 24 hours a day.
The Wall Street Journal reported on Aug. 4 that the bank is preparing to introduce the blockchain-based deposit service for corporate and commercial customers.
The service will turn clients’ bank deposits into a digital form that can be used on a blockchain. Customers will be able to transfer funds and make payments regardless of bank operating hours.
Clients will also be able to set transaction conditions in advance so transfers and payments are carried out automatically.
The move by Wells Fargo, the fourth-largest U.S. bank by assets, underscores the broader expansion of major financial institutions into the digital-asset market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.