#CryptoCorner: Wells Fargo (NYSE: $WFC) to Create Digital Currency for Internal Settlements, Binance Invests in First Chinese Company, BitPay to Support ETH Payments
#CryptoCorner: Wells Fargo (NYSE: $WFC) to Create
Digital Currency for Internal Settlements, Binance Invests in First Chinese
Company, BitPay to Support ETH Payments
Point Roberts WA, Delta BC, September 17,
2019 - Investorideas.com, a leader in crypto and blockchain investing news
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September
17 Crypto Corner
Stocks discussed: (NYSE:WFC)
Financial services
giant Wells Fargo & Company (NYSE:WFC) has announced plans to establish a digital
currency operating on a distributed ledger technology (DLT) platform for
internal settlements. Called Wells Fargo Digital Cash, the currency will enable
users to “complete internal book transfers of cross-border payments within its
global network using digitized cash — and for those international locations to
exchange that digitized cash among themselves”. Lisa Frazier, head of the
Innovation Group at Wells Fargo, said:
“As a result of the increasing digitization of banking
services globally, we see a growing demand to further reduce friction regarding
traditional borders, and today’s technology puts us in a strong position to do
that. We believe DLT holds promise for a variety of use cases, and we’re
energized to take this significant step in applying the technology to banking
in a material and scalable way. Wells Fargo Digital Cash has the potential to
enable Wells Fargo to remove barriers to real-time financial interactions
across multiple accounts in multiple marketplaces around the world.”
Malta-based crypto
exchange Binance has made its first strategic investment in China, according to
a report from Bloomberg today. The firm had taken part in a
funding round for crypto data website Mars Finance worth $200 million USD. An excerpt
from the Bloomberg article reads:
Beijing-based Mars Finance was founded by local
entrepreneur Wang Feng in 2018, one of several dozen nascent Chinese-language
crypto news services similar to CoinDesk. It previously completed two funding
rounds with backers including IDG Capital and the venture arms of exchange
operators OKCoin and Huobi. The startup also runs its own venture fund called
Consensus Lab, which has invested in Hong Kong-based Coinsuper.
Dorothy DeWitt,
vice president of crypto exchange Coinbase, has been named as Director of the Division of Market
Oversight for the U.S. Commodity Futures Trading Commission (CFTC). In this
position, DeWitt will be responsible for the supervision of derivatives
platforms and swap data repositories, including the evaluation of new
platform-traded products, such as bitcoin (BTC) futures.
CoinDesk reports that crypto payments provider
BitPay plans to add support for Ethereum (ETH) payments. The firm told CoinDesk:
“BitPay regularly evaluates blockchains and
cryptocurrencies to support the company’s goals of making it easy to send and
receive payments for goods and services globally. We selected ethereum as it
has broad support for real-world applications and is widely adopted.”
Sam Mowers,
Investorideas
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