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There Won’t Be a 'Goldman Sachs Coin' Anytime Soon
The banking giant said last year that it was looking into creating its own cryptocurrency.
By Helene Braun
Updated May 11, 2023, 4:59 p.m. Published Jan 27, 2022, 7:39 p.m.
Goldman Sachs is not currently planning on issuing an in-house digital token.
“We have no immediate intention of creating a Goldman Sachs coin,” a spokesperson told CoinDesk.
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However, the New York-based bank is working with private partners on creating a stablecoin.
“We continue to see value working closely with private institutions looking to create a ubiquitous stable coin that meets legal/regulatory requirements and has transparent governance,” a spokesperson said.
In 2020, Goldman’s digital asset global head Matthew McDermott said that the bank was contemplating its own cryptocurrency, possibly a stablecoin. He also hinted at a potential collaboration with social media giant Facebook (now known as Meta) or with banking rival JPMorgan, which launched its own in-house token, JPM coin, in 2020.
JPMorgan's token was created to serve the bank’s corporate clients holding their U.S. dollar deposit accounts on a blockchain. Earlier this month, the coin was successfully used in a trial by the central bank of Bahrain.
Meanwhile, Meta has reportedly given up on its beleaguered Diem stablecoin project and is on the hunt for buyers of its assets to pay back investors, according to a Bloomberg story published Tuesday.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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