Categories: Blockchain News

Goldman Sachs CEO Praises Libra, and Says, Assume ‘All Institutions Looking at Blockchain’

David M. Solomon, Chairman, and CEO of Goldman Sachs said in an interview recently that they are going to offer digitized securities on the blockchain.…

advertisement

David M. Solomon, Chairman, and CEO of Goldman Sachs said in an interview recently that they are going to offer digitized securities on the blockchain. In a meeting with the Board of Directors of the multinational bank, Soloman told the media,

Advertisement

Mergers and acquisitions advice remains our key business, but we are a bank, not just an investment bank. But the world is changing, and to grow, we must attract customer deposits. The principle of a digital platform is probably the best way to attract these deposits.

While declined on making any comments on Facebook’s cryptocurrency plans with Libra or any other partnerships at the moment. However, he praised Libra’s design and suggested that “this is the direction in which the payment system will go.” He also said,

We do extensive research on the concept of “tokenization”, the potential of which we believe, and which designates the creation through the blockchain of a stable digital currency based on a basket of real currencies that can move money across borders and without friction.

Goldman Sachs is one of the largest banks in the US with a stock price of $ 204.17. The competition posed by the cryptocurrency markets in payments with the increasing institutional adoption has stirred banks and Governments all over the world.

JP Morgan Chase and Co, a fierce competitor of the banking giant, had announced its stablecoin – JPM coin launch in February 2019. Recently, JP Morgan also confirmed a similar design of trading securities on its platform. Solomon commented on the blockchain projects initiated by JPMorgan and would they follow the same suit, he said,

Absolutely! Many people are looking in this direction. But it is too early to say which platform will prevail. He also said, “Assume that all major financial institutions around the world are looking at the potential of “tokenization”, “stable wedge” and frictionless payments.”

Jamie Dimon, the CEO of JP Morgan & Chase has also advocated the use of permission ledger in the Financial Services (FS) industry.

Advertisement

Do you think that stablecoins and tokenization of the world economy is the future? Please share your view with us.

Summary
Article Name
Goldman Sachs CEO Praises Libra, and Says, Assume All Institutions Looking at Blockchain
Description
David M. Solomon, Chairman, and CEO of Goldman Sachs said in an interview recently that they are going to offer digitized securities on the blockchain. In a meeting with the Board of Directors of the multinational bank, Soloman told the media,
Author
Publisher Name
Coingape
Publisher Logo

To get the daily price analysis, Follow us on TradingView

Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Recent Posts

Will High Gas Fees on Ethereum [ETH] Put an End to DeFi Bull Run?

The GAS fees on Ethereum is surpassing 200 Gwei as DeFi yield farming boom continues.…

42 mins ago

Compound Price Analysis: COMP/USD In A bullish Phase Despite Rejection From $247 Monthly High

Compound price rose to highs close to $250 but retreated to confirm the 61.8% Fibo…

12 hours ago

Bitcoin Price Forecast: BTC/USD Back To The Drawing Board? Could Retest $11,000 Before Attacking $12,000 Again

Bitcoin freefalls following a failed attempt at containing gains above $12,000. BTC/USD drop towards $11,000…

13 hours ago

Are Bitcoin And Gold Headed to The Worst Drop Ever? Covid19 Vaccine, Tax cut & More

Bitcoin [BTC] and gold are witnessing massive drops as Russia announces world's first COVID-19 vaccine…

23 hours ago

Breaking: Publicly Listed Firm MicroStrategy Purchases $250 Million Worth Of Bitcoins

Publicly traded business intelligence firm MicroStrategy bought $250 [~21,454 Bitcoins] Million worth of Bitcoin today…

1 day ago

$1.5 Billion in Ethereum Pool on Uniswap Awaits This DeFi Token Launch

The launch of the Serum Decentralized Exchange (DEX) on Solona is due today, and along…

1 day ago