Cryptocurrency

Goldman Sachs Hints At Exploring Its Own Crypto Much Like J.P. Morgan

The crypto space is an exciting industry that’s presently driving in interests from across industry verticals. The latest entity to have expressed its interest to venture into this space is one of the most prominent American MNC banks, Goldman Sachs. David Solomon, the CEO of Goldman Sachs, has stated that the bank could “absolutely” follow in the footsteps of J.P. Morgan in introducing a digital currency. The bank is also doing an “extensive research” on stablecoins as well as asset tokenization, Solomon added.

Solomon expressed his views in an interview with Les Echos, a well-known newspaper in France, on 28th June 2019. Continuing further, he stated that assume all the eminent financial institutions across the globe are considering the potential that stablecoins, frictionless payments, and tokenization have.

It must be noted here that JP Morgan Chase had announced back in February that it was developing its crypto, a stablecoin called JPM Coin, which the clients could utilize to make cross-border payments. Then came the news of Facebook launching its own digital currency titled Libra, slated to be launched in 2020.

Solomon was asked during the interview whether the bank was possibly involved with the crypto project Libra by Facebook, to which he declined to make any comments. But he went on to say that the payment system is surely heading towards the directions of stablecoins and tokenization. Which platform will ultimately have an upper hand is difficult to suggest at this point, added the CEO.

Solomon also implied that a wave of change is definitely coming as far as crypto regulations are concerned. Moreover, he even shared his opinions about tech giants venturing into the financial space. According to Solomon, tech giants would likely enter into a partnership with banks instead of directly challenging them, giving an example of the credit card collaboration between Goldman Sachs and Apple.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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