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More recently, Wells Fargo made it clear on Twitter that it doesnt allow its clients to deal with cryptocurrency transactions, becoming one of the only U.S. banks to explicitly have made such a move. By naming its new project a cryptocurrency, it may have been deemed hypocritical.
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Obvious parallels can be drawn between what Wells Fargo is testing out and JPMorgans JPM Coin and its Interbank Information Network (IIN) which this week added Deutsche Bank to the 300-plus other banks on that network.
This raises the (at times uncomfortable) question of interoperability since the JPMs interbank payment system and coin are all built on Quorum, the private version of ethereum the bank has open-sourced. Corda and Quorum do not talk to each other.
When asked about this, Cabrera said:
Regarding JPM Coin, Wells Fargo Digital Cash runs on a proprietary internal DLT network that is not connected to any other digital cash solutions emerging in the financial services market today.
This raises the (at times uncomfortable) question of interoperability since the JPMs interbank payment system and coin are all built on Quorum, the private version of ethereum the bank has open-sourced. Corda and Quorum do not talk to each other.
When asked about this, Cabrera said:
Regarding JPM Coin, Wells Fargo Digital Cash runs on a proprietary internal DLT network that is not connected to any other digital cash solutions emerging in the financial services market today.
