Bank of America giant Wells Fargo announced that it is developing a dollar-linked cryptocurrency

Wells Fargo, the US financial giant, said in a press release on Tuesday that the bank is developing a cryptocurrency linked to the dollar, which will run on the company's first blockchain platform. The product, called Wells Fargo Digital Cash, will initially be used for internal settlement pilots across the company's business. This digital token will be able to settle internal cross-border payments through its global network. Its international outlets will also be able to use the token to transfer funds between each other.