Wells Fargo to launch in-house blockchain deposit token this fall

Wells Fargo plans to launch its own blockchain-based deposit token this fall Wells Fargo plans to roll out a tokenized deposits service for corporate and commercial clients this fall, The Wall Street Journal reported in an exclusive. The U.S. bank, the country’s fourth-largest by assets, said customers will be able to use tokenized deposits for 24/7 fund transfers, programmable functions and payments. At launch, Wells Fargo plans to support U.S. dollar- and British pound-based deposit tokens for cross-border payments, with plans to expand to more countries and currencies next year depending on demand. The deposit token will run on Wells Fargo’s in-house blockchain platform.