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#CryptoCorner: Wells Fargo (NYSE: $WFC) To Create Digital Currency For Internal Settlements, Binance Invests In First Chinese Company, BitPay To Support ETH Payments

|About: Wells Fargo & Company (WFC)

#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 brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.

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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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