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Wells Fargo Tokenizes Cash But Avoids Calling It A Cryptocurrency

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Wells Fargo tokenizes cash by using its own blockchain platform but avoids calling it a stabelcoin or a cryptocurrency project. As we already read in the latest cryptocurrency news, the world’s fourth-largest bank announced it was piloting the internal settlement service by using the distributed ledger technology.

The Wells Fargo Digital Cash which is a new system that has been devised to reduce friction in the bank’s ‘’internal book transfers of cross-border payments within the global network.’’ The service that Wells Fargo tested already in the transfer trials between the locations in Canada and the US is set to become a ‘’reusable enterprise utility for Wells Fargo to build’’ blockchain applications in the future. The official pilot of the system will take place next year and if all goes well it will be expanded to the ‘’ multicurrency transfers and the entire global branch network. In order to start, the bank’s tokens will be backed 1:1 with US dollars. The head of the bank’s innovation group Lisa Frazier stated:

 “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.”

Wells Fargo tokenizes by using the possibility of transitioning to a new internal database. One of the former senior blockchain and crypto strategists at EY previously commented:

 “I’m genuinely curious as to the definitional difference, and then the supposed improvements. How many people can explain how this solution is technically different than what banks have always done? […] They’ve just changed their database.”

This is not the first rodeo for the ecosystem and this year since many stakeholders in the space including the non-profit groups explained the characteristics of JPMorgan’s JPM Coin which was a project permissioned and closed-source. JPMorgan is also looking as Wells Fargo to innovate in the blockchain arena as reported in the altcoin news previously. The central banks are getting in on the action as well since the Bank of Russia is also working on a blockchain-powered digital currency while the People’s Bank of China aims to launch its own cryptocurrency as well.

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Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem

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Privacy-focused Zcash is looking to find access to Ethereum’s decentralized finance ecosystem as we are about to find out more in the latest news on altcoin.As reported just a day ago, the topic of interoperability was the key point of the now concluded Devcon 5 developer conference in Osaka, Japan. At this conference, many of the smaller crypto projects such as the privacy-focused Zcash but also many other smaller projects showed their interest into the Ethereum’s decentralized finance ecosystem. The co-founder of Summa, James Prestwich, stated:
 “Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”
The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:
 “If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”
The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.
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Russia Sees No Benefit In Launching National Crypto Assets

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Russia sees no benefit in launching its own national digital currency according to the head of Russia’s central bank, Elvira Nabiullina who recently argued her stance for the coming altcoin news.It seems like most of the prominent countries and financial institutions are reconsidering their stance on national cryptocurrency. They did however cited their potential saying that cryptocurrencies allow for more flexible monetary policy but not everyone is convinced. Nabiullina argued that the monetary and in general- Russia sees no benefits into launching its own cryptocurrency. She said that the Central Bank of Russia does not see any compelling reasons to launch it.According to a TASS report, Nabiullina stated that a CBDC has benefits that are ‘’not obvious for us’’ going against the Wall Street narrative that digital money is the future:
 “Not only for technological reasons but also because it is [difficult] to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough.”
Nabiullina previously stated that although there is an incentive to go crypto, the society will not be open to give up cash for digital alternatives. However, there are some signs of cash going obsolete such as in China but there are also signs of heavy reliance on physical cash in places of the world where privacy is valued or where there isn’t a good internet connection. While Russia’s central bank does not see the benefits by launching a CBDC, there is one potential benefit that might please the financial incumbents. The New York professor and economist Nouriel Roubini last year stated the central bank digital currencies:
 “CBDCs [are] likely [going to] replace all private digital payment systems. By allowing any individual to make transactions through the central bank. CBDCs would upend this arrangement, alleviating the need for cash, traditional bank accounts, and even digital payment services.”
As per the latest crypto news, some crypto banks are acknowledging his point and the Finance Minister of Germany and France already believe that the European Union should launch their own cryptocurrency as a response to Facebook’s Libra.
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Anchorage Is The First Qualified Gram Custodian Before The Oct.31 Launch

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The digital asset custodian of the software firms Anchor Labs, Anchorage, is the first entity that is qualified to support the institutional custody for Telegram's Gram (GRM) token, the latest crypto news show.Anchorage Trust Company is the wholly owned subsidiary of the California based company Anchor Labs - and is the first entity which will enable institutional investors and organizations to hold Gram tokens at launch on October 31. This was officially confirmed by the company's co-founder and president Diogo Monica who announced the news on October 7.As the blog post states, Anchorage is the first qualified Gram (GRM) custodian and the services will be offered either through Anchorage Trust Company or Anchorage Hold. Still, the firms are not registered with the United States Securities and Exchange Commission (SEC), as Monica noted, adding that their services will not be initially offered to New York residents.The Anchorage Trust CEO described the two main options for acquiring Gram tokens. According to his statement in the latest news on altcoin, investors will be able to purchase existing Grams on the open market as well as new Grams from the Telegram Open Network (TON) Reserve.The two markets are designed to counterbalance each other as well as stabilize both the price and supply of Grams, the executive said. Citing the TON white paper, the firm also noted that the TON Reserve “will incrementally increase the price of new Grams with every Gram sold,” following an “exponentially increasing function.”After the news from Anchorage, we can see that the first Gram will be priced at $0.10 while every subsequent Gram will be sold for one billionth more than the previous one, the company added. Meanwhile, the TON network is scheduled to launch in late October and was officially announced by Telegram in a blog post on October 2.The Anchorage announcement also noted that investors will be required to provide Telegram with a public key that is generated through a software - all in order to receive their GRM tokens by October 16. As we saw in late September in the coming altcoin news, Telegram released a wallet for the Gram (GRM) token in the app and its alpha version for iOS.
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Crypto Donations In Japan Will Not Be Regulated

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Crypto donations to political campaigns in Japan will not be regulated according to the politician Ms. Sanae Takaichi. This decision adds to Japan’s liberal stance on digital assets and opens the doors for new types of funding as we are about to read in the altcoin news below.Japan sees the existence of digital coins but it does not consider them as legal tender. The regulations of crypto donations will affect fiat money and stock so when a political party receives crypto funds will perfectly legal. There is also no requirement to disclose the holdings as a part of the campaign transparency laws. Japanese politicians may become crypto-rich with zero limitations. Switching to fiat will mean that the donation falls under the rules for disclosure. Japan is really strict when it comes to exchanges but the market operators were left to run trades even before becoming compliant. The country allows free exchanges between Japanese fiat and crypto but it only requires a valid local bank account and ID. The retail giant Rakuten launched a limited crypto exchange via the Rakuten Wallet which gives access to BTC and Ethereum.Regulators have worked to build stricter requirement bodies for digital asset exchanges. The country has been in the arena of some of the biggest failures including the Mt.Gox case which still has to repay BTC for the customers. The Coincheck exchange is another failure that we heard of where more than $600 million were lost. The Japanese financial services authority monitors the exchange’s activity as the Japanese yen remains one of the most important inflows of fiat into Bitcoin as mentioned in the analysis in the previous blockchain news.The Japanese crypto sector will gain a self-regulatory status with this decision and will define its own trading limits according to the local media reports. at the end of September, the FSA gave a mandate to the Japan Virtual Currency exchange association to propose rules for self-regulation. The association consists of 16 registered exchanges including Zaif and BitFlyer. Despite the potential self-regulatory status of crypto entities, Japan remains a risky market with many requirements.
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