CEO of Goldman Sachs Hints a Possible Launch of ‘JPM Coin’-Like Crypto

Headed by David M. Solomon,The Goldman Sachs Group, Inc., is a renowned American multinational investment bank and financial services company headquartered in New York City. The company offers services in investment management, securities, asset management, prime brokerage, and securities underwriting.
According to the CEO, Goldman Sachs may ultimately take part in the crypto disruption of finance. On Friday 27th June, Solomon said in an interview with French news source Les Echos , the bank “absolutely’ could follow JPMorgan Chase in launching a cryptocurrency and that Goldman Sachs is carrying out “extensive research’’ on asset tokenization and stablecoins.
In continuation he said: “Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins and frictionless payments.”
Solomon however did not comment on potential involvement with Facebook’s Libra cryptocurrency project when asked about discussions the bank may have with clients. Although he did say “I find the principle interesting.” Tokenization and stablecoins are “the direction in which the payment system will go.” It’s too early to say which platform might ultimately win out,according to the CEO. Solomon suggested that change is coming, “for sure.” in regard to crypto regulation,
“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.

Interestingly JPMorgan had revealed it was working on one of its own cryptocurrencies a month after saying that cryptos would only have value in a dystopian economy back in January.
JPM Coin will initially run on top of the private version of ethereum the bank developed in conjunction with EthLab, Quorum. Also, it could be used to settle a portion of transactions between clients of its wholesale payments business in near real time. The bank revealed earlier this week that it is now starting trials of JPM Coin with clients.


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Credits- Daniel Palmer


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