Goldman Sachs Has No Plans For Developing Its Own Digital Coin

2022-01-27 21:31:25
Goldman Sachs Opts For Another Blockchain Direction

The Wall Street bank Goldman Sachs, reveals that there will be no Goldman Sachs digital coin. More specifically, the bank states that for the time being, there are no plans to create an in-house digital token.

We have no immediate intention of creating a Goldman Sachs coin.Goldman Sachs | Official Statement
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On the other hand, Goldman Sachs states that the bank is currently in the process of creating its own stablecoin. According to the official statement, the Wall Street bank is collaborating with private institutions to develop their own stablecoin that will comply with all necessary legal requirements.

We continue to see value in working closely with private institutions looking to create a ubiquitous stable coin that meets legal/regulatory requirements and has transparent governance.Goldman Sachs | Official Statement
JPMorgan Inspiration

In the past, Goldman Sachs was very close to having its own crypto in the form of a stablecoin. And according to a 2020 statement by the head of Goldman Sachs Digital Asset Global, Matthew McDermott, the bank was supposed to collaborate with another Wall Street banking giant and Sachs’s rival, JPMorgan.

That is because prior to this statement by the head at Goldman Sachs, JPMorgan already issued its own digital coin, the JPM in-house token. In fact, at the beginning of 2022, the Central Bank of Bahrein conducted a successful trial of the JPM coin, rendering it safe for use.

Consequently, the goal of JPMorgan is to offer the JPM coin to clients that store U.S. dollars on a blockchain account.

If we take into account how fast things are moving in the crypto industry, then it won’t be a surprise if we hear that the Wall Street bank had a change of heart.

For the time being, there is no need for Goldman Sachs to create its own in-house digital token.  Yet if we consider that their biggest rivals already jumped the blockchain bandwagon, we should be on alert for a rather different outcome.

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