Goldman Sachs might be looking into launching their own cryptocurrency

28 Jun, 2019
by Joeri Cant
News
Goldman Sachs might be looking into launching their own cryptocurrency

Goldman Sachs chief executive David Solomon spoke to the French newspaper Les Echos, where he said that the American investment bank is performing intense research into tokenization, stablecoins and frictionless payments.

The chief executive of Goldman Sachs, told the newspaper that he believes global payment systems are all heading in the direction of stablecoins.

'Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins and frictionless payments', the CEO said, when he was asked if Goldman Sachs would follow in the footsteps of JPMorgan Chase and launch their own cryptocurrency.

From the interview it is unclear if he had any conversations with the creators of Libra, facebook's cryptocurrency, but he did admit to find the concept more than interesting.

Solomon further stated that he thinks that regulations will change in response to the growing adoption of cryptocurrencies, but doesn't feel that this will will force banks to close.

'Admittedly, they will have to evolve', the CEO said, 'because the trades linked to the payment flows will become less profitable. But there are many other reasons why banks must remain innovative, otherwise they will disappear.'

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