The completion of proof of concept for the Regulated Liability Network opens doors for banks to unify their messaging and settlement elements and realize the true utility of blockchain in attaining financial inclusion.
MasterCard has teamed up with HSBC and Wells Fargo in piloting the RLN digital money platform, a proof-of-concept project that seeks to improve financial settlements.
The banks will settle bilateral transactions using a shared settlement system to process USD, CAD, GBP, and EUR with plans to use the platform to settle other currencies in the future.
The internal settlement service will rely on the Wells Fargo Digital Cash, an internal stablecoin that will be pegged to the U.S. dollar.
Wells Fargo decline customers involving crypto transactions using credit cards.
Axoni was able to attract $18 million through a Series A funding round three years later that was led by Wells Fargo, Goldman Sachs and J.P. Morgan.
U.S. banking giant Wells Fargo will no longer allow its customers to purchase cryptocurrencies using its credit card, according to a Fortune report.
