South Korea Post Service Wants Crypto Knowledge from Goldman Sachs

The national postal service in South Korea, Korea Post (KP) will hold a meeting with Goldman Sach executives. The purpose of the meeting according to a Bloomberg post is for Goldman Sach officials to help KP officials know more about cryptocurrencies.

The news is somewhat ironic given that the postal service is managed by the same South Korean government that has warned citizens about trading cryptocurrencies.

An earlier meeting about cryptocurrencies had already taken place in New York between the KP officials and new Goldman Sachs CEO, David Solomon. Now, the latest meeting is scheduled to hold in Hong Kong with crypto being among the topics once again. Blockchain and Artificial Intelligence are the other subjects.

Speaking on the reason for arranging the meeting between KP officials and Goldman Sachs crypto dedicated team, post service’s president Kang Seong-Ju told Bloomberg,

I asked Goldman to pass on their know-how in the cryptocurrency area. Since cryptocurrencies are considered to have potential and are something many people are watching, we’ll need to learn the strengths and weaknesses.”

The official also underscored that KP has no plans to invest in virtual currencies but just wants to accumulate knowledge about the nascent industry. Looking beyond what we can see, South Korea’s postal service manages an investment fund of roughly $112 billion and may likely be considering how cryptocurrencies could be used to improve its offering.

Goldman Sachs In The News Again

Seeking crypto knowledge from Goldman Sachs may not be the wrong choice for Korea Post, but the news has raised eyebrows. It has come at a time when the crypto markets are suffering losses caused by a decision made by Goldman Sachs against starting a crypto trading desk.

On Wednesday, the company announced that it would no longer go ahead with an earlier plan to provide a crypto trading option to its clients. This caused bitcoin to shade off $500 within thirty minutes before going below $6500.

On a little bright note, Goldman Sachs revealed after the let-off that it will develop a custody product for crypto, which will allow it to hold cryptocurrency on behalf of large clients and track its price.

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