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Goldman Sachs considering launching own cryptocurrency

In a recent interview , David Solomon, CEO of  Goldman Sachs said the bank could “absolutely’ follow JPMorgan Chase in launching its own cryptocurrency.

Goldman Sachs cryptocurrency

Goldman Sachs considering launching own cryptocurrency

Solomon then went further by saying that Goldman Sachs is carrying out “extensive research’’ on asset tokenization and stablecoins. “Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins and frictionless payments.”

Asked about potential involvement with Facebook’s Libra cryptocurrency project, Solomon refused to comment on any discussions the bank may have with clients. However, he said “I find the principle interesting.” Tokenization and stablecoins are “the direction in which the payment system will go.”

As for the regulatory attitude surrounding cryptocurrencies, Solomon suggested that change is coming, “for sure.” “I think regulators around the world are watching what’s going on. They wonder how it will work and are very attentive to payment flows,” he said.

After saying that cryptocurrencies would only have value in a dystopian economy back in January, JPMorgan revealed a month later that it was in fact working on one of its own.

JPM Coin will initially run on top of Quorum, the private version of ethereum the bank developed in conjunction with EthLab, and it is now starting trials of JPM Coin with clients.

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