Goldman Sachs has announced the appointment of David M. Solomon as the new Chairman and Chief Executive Officer.

Solomon will succeed Lloyd C. Blankfein, who will be stepping down as CEO on September 30, 2018, and will retire from the firm and as Chairman of the Board at the end of the year. Blankfein will accept the title of Senior Chairman after his retirement.

The appointment comes at a time when Goldman Sachs is making efforts to embrace cryptocurrencies and Solomon could be the one to lead the traditional financial institution into this emerging space.

Earlier in May, The New York Times reported that Goldman Sachs is going to launch a cryptocurrency trading desk.

Solomon has made some pro-cryptocurrency statements in the recent past, CryptoGlobe noted. Last month he told Bloomberg that Goldman Sachs must “evolve its business and adapt to the environment,” while announcing that the investment bank was looking into cryptocurrency trades beyond the publicly-traded derivatives.

“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously,” he said. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”

Solomon reiterated his views in a joint interview late Monday with Blankfein ahead of the formal announcement, The New York Times reported. He said:

“Organizations, to move forward, have to evolve, they have to change, they have to adapt.”