Which company will be left out of the crypto innovation?
Goldman Sachs, the fifth largest bank in the U.S is considering issuing a stablecoin cryptocurrency, Chief Executive Official, David Solomon revealed in an interview today with the French news media, Les Echos.
David revealed that Goldman Sachs is conducting “extensive research” on the concepts of assets stablecoin and tokenization and might take part in the cryptosphere, on the same hand with major competitor JP Morgan Chase.
We reported earlier that JP Morgan Chase is launching a stablecoin cryptocurrency.
“Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins, and frictionless payments,” the Goldman Sachs CEO told Les Echos.
Solomon further acknowledged that the world’s system of payment is unarguably heading in the direction of virtual currencies, especially stablecoins, as seen with JPMorgan Chase and Facebook.
When asked about Facebook’s Libra cryptocurrency project, he failed to admit any discussions the bank had conducted with its clients; instead, he said:
“I find the principle interesting.”
As per the crypto regulations, Solomon suggested that the rules will change in response to cryptocurrencies. However, he expressed the conviction that banks wouldn’t have to close due to the advent of stablecoin cryptocurrencies.
“Admittedly, they will have to evolve because the trades linked to the payment flows will become less profitable. But there are many other reasons why banks must remain innovative. Otherwise, they will disappear,” he said.
“We are Apple’s partners in credit cards.” High tech companies will certainly need to consider a partnership with banks, rather than turning to bank themselves to monetize their numerous customers,” Solomon added.
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