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.
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.
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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