Digital Currency/Blockchain/Tokenization Series: Has Goldman Sachs Succumbed to Crypto, Tokenization and Blockchain Trend?

Amid the global slowdown, the investment banking giant, Goldman Sachs has consistently been constructive on crypto-industry, they saw Bitcoin as "Broadly Heavy. Christopher Matta, a former vice president of investment management division at Goldman Sachs, had reckoned BTCUSD to hit $15,000 mark in the future. Apart from that, there was lingering news of Goldman Sachs contemplating an idea of rendering custodian services for the cryptocurrencies. 

Year-2018 has been an otherwise horrifying year for the cryptocurrency world and its associated digital assets. But, the year-2019 has been conducive for bitcoin miners, exchanges, traders and investors (for mammoth returns of 313 in percentage terms that too within a span of 6 months or so when the bitcoin prices reclaimed almost $14k levels). Credit for the crypto-aspirants and the incredible institutions ...!

After JP Morgan, Fidelity, Facebook and IBM, yet another WallStreet player appears to be lining up for the crypto race.

The reports of renowned and the major US-based investment banking company, Goldman Sachs has been eyeing on a project involving crypto coins which have been confidential so far.

Goldman Sachs CEO, David M. Solomon, told the French newspaper Les Echos that his company has been “conducting extensive research” into blockchain-powered tokenization.

Solomon also reminded that Goldman Sachs is following the developments of blockchain-powered stablecoin proposals such as Facebook’s Libra and JPM Coin very closely.

Contemplating the outlook on the global economy, the current asset valuation prices in the stock and private equity markets, geopolitical issues and especially Brexit, Solomon divulged his bank’s intentions of the development of digital currencies, blockchain, and tokenization. As a result, Goldman Sachs announced the latest job listing for its reported crypto project. They seem to have basically looking for the potential candidate who will lead the project that involves the development and management of digital assets.

The position is now posted over at the Goldman Sachs website titled “GS Accelerate - Digital Asset Project Manager.” GS Accelerate is the bank’s incubator program and so the fact that it is now looking for a manager for its digital asset project could only mean that it is stepping up its crypto development. This is made even more obvious by its descriptions, one of which is to “Develop comprehensive road maps for distributed ledger technology (DLT) development.”

Greg Tusar, who was the former head of electronic trading at the Goldman Sachs Group, has had a great deal of optimism in the gamut of cryptocurrencies.

Tusar had explained that“it's as if we're undergoing the early days of the electronic equities trading world”. The CTO and Co-founder of Tagomi Holdings gave his insights into the crypto market.“While it is in its relatively early stages, there's a wealth of opportunities in order to build some truly unique and exceptional businesses which can have an impact.”Courtesy: BNC & Tokenpost