Goldman Sachs launches patent for Cryptocurrency Settlement System: SETLcoin

in cryptocurrency •  last year

News reports that Goldman Sachs has launched it’s own proposed Patent for a Cryptocurrency settlement system.

The Goldman Sachs Group, Inc. is an American multinational finance company that engages in global investment banking, investment management, securities, and other financial services including asset management, mergers and acquisitions advice, prime brokerage, and securities underwriting services.

One of America’s largest Financial Institutions, is now adopting Blockchain Technology with plans of issuing out it’s own Cryptocurrency with sources claiming it be to called ‘’SETLcoin’’

The concept envisions a system built specifically for settling securities trades using SETLcoin with methods for exchanging tokens for digitized stocks for firms like Microsoft, as well as cryptocurrencies such as Bitcoin & Ethereum.

According to the US Patent and Trademark Office (USPTO), it has been confirmed that Goldman Sachs’ patent has been approved and for more information visit this confirmation document issued this week

For those new to the Crypto-space, Goldman Sachs is now the exclusive operator of such a mechanism, with sources that claim Goldman Sachs who had originally applied for the patent at the end of October 2014.

Goldman Sachs seems serious about Blockchain, this should come as a surprise to many as to why a reputable Financial Corporations would study and developed new technology that is relatively unheard of and highly volatile. Cryptocurrencies are deemed high risk investment but the fundamental technology that powers them, is what Goldman Sachs executives are after and closely monitoring

Goldman Sachs is an Investment bank however recent reports indicate they have taken their next step to becoming a real fintech powerhouse

Check out this comprehensive chart on the Blockchain Ecosystem

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This could open a lot of possibilities for crypto investors

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