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Goldman Sachs looking to follow JP Morgan into crypto space

Goldman Sachs share price rose 2.55% up after its CEO, David Solomon told the French press the bank is now researching tokenisation protocols. GS shares have gapped significantly after the announcement with price going from $199 to $204 in less than 24h hours.

The American Investment Bank confess to Les Echos Newspaper that they may be following JP Morgan in their mission of creating their own digital coin.  In the interview, Salomon expressed that the best members of the GS Group are carrying out research on stablecoins and its multiple applications.  During the discussion, Salomon stated that:

“All major financial institutions around the world are looking at the potential of tokenisation, stablecoins and frictionless payments.”

The recognised Chief Executive Officer also told the press that he is sure regulations are going to become every day more adapted to blockchain developments. In addition, he affirmed:

“Admittedly, they will have to evolve, 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.”

David denied the opening of a crypto trading desk in April, after some strong rumours that the bank was looking to join the “crypto revolution”.  Now, it seems to be a 360-degree change in their vision. All in all, the financial giant can certainly play a key role in global adoption. With $931B on assets, Goldman Sachs Group is a leader in investment and asset management, securities and brokerage services and thus, it will be interesting to see how its own token can facilitate many financial services around the globe.

Image licensed via Shutterstock

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