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The recent hot story from the crypto news sphere is that the banking giant Goldman Sachs may follow the footsteps of JPMorgan and will launch its own USD-backed stablecoin.
The CEO of Goldman Sachs, David Solomon, reveled in an interview with French news outlet Les Echos recently that the company is studying cryptocurrency for tokenization of various asset class and exploring possible ways to disrupt the current financial market with new products and services. Goldman Sachs has plans to launch its own digital currency but the banking firm is not quite sure about what exactly the digital coin will do; and hence, Goldman Sachs is looking for the right people to carry out the operation.
The blockchain and cryptocurrency news outlet The Block has identified that Goldman Sachs is planning to launch new crypto services to go “further than ever before” in the competitive market of digital assets. The Block found the information in a new job listing which revealed that the company is looking for a digital asset project manager. It seems that the new crypto operation will be quite different from Goldman’s existing services of trading crypto derivatives. The company is aiming to explore new ways of utilizing digital assets for banking purpose to facilitate customers with seamless and cost-effective transactions.
The new job ad for a digital asset project manager says:
“Project managers on the Digital Asset team will play an integral role in helping define both the scope and direction of the business. In short, we’re evolving, and looking for some of the most talented individuals in the world to help us go further than ever before.”
A Cryptocurrency to Rival JPM Coin
Apart from the new job ad, insiders within the company have also revealed that Goldman is planning to set up something similar to JPMorgan’s JPM Coin to carry out international transactions between the bank and its wholesale clients, seamlessly and cost-effectively. Goldman’s digital asset is definitely going to be a key rival for JPM Coin.
It is also important to note that the new unit will be formed under Goldman Sachs’ Accelerate team and the members of the team will report directly to Justin Schmidt, who is currently leading the bank’s digital asset unit.
Goldman Sachs had previously been rumored (during the glory days of Bitcoin in late 2017) to launch a estalished cryptocurrency trading platform that would revolve around Bitcoin (BTC). Going through the current crypto services offered by the company, the spokesperson at Goldman Sachs said that “the firm is trading non-deliverable forwards tied to Bitcoin, but volumes have been relatively muted.”